Mdundo is targeting 9m monthly active users by June 2021 and 18m by June 2022. According to the company’s update, the fastest growing area of the company is in West Africa.
Mdundo, an African music service listed on the Danish Stock Exchange (NASDAQ) in September, saw its monthly active users grow from 5 million in June with 39% to 7 million in December.
- The Danish music streaming service Mdundo hit 7 million monthly active users, up from 5M
- The fastest-growing region for live uploads is West Africa, with a growth of 197% per year.
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From July 1 to December 31, 2020, Mdundo is targeting 9m monthly active users by June 2021 and 18m by June 2022. According to the company’s update, the fastest growing area of the company is in West Africa.
Mdundo has announced a telco partnership with Vodacom Tanzania from January 4, 2021, which the company says attracted 5,000 “paying beta-subscribers” by December 2020.
Founded in Kenya in 2013 and headquartered in Denmark, Mdundo is available to users worldwide, but only in Kenya, Tanzania, Uganda, Nigeria, Ghana, Zambia, Zimbabwe, Mozambique, Angola, Rwanda, Cameroon, Congo, Malawi, South Africa and Namibia.
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The company claims to work with more than 60,000 artists from across Africa and “some of the world’s leading record labels.” Warner Music Group signed a license agreement with Mdundo in 2017.
Elsewhere, the semi-report reveals that Mdundo had 1.4 m of “international music tracks” on its platform, with more than 262,000 uploaded directly to Mdundo.com. The company says direct uploads have increased by 58% per year.
The fastest-growing area for live uploads, according to Mdundo, was West Africa with 197% growth per year. Mdundo reports that the H2/2020 (July 1 to December 31) has a revenue of $1.3 m (approximately $212,192.93).
This revenue was primarily generated from advertising, which increased by 50.6% from DKK 863,000 ($140,870) during the same period of the previous year. Mdundo was listed on the Danish Stock Exchange (Nasdaq First North Growth Market) in September to accelerate its growth in sub-Saharan Africa.
Mdundo issued 4,000,000 new shares at a discounted price of DKK 10 per share, raising DKK to 40.0 million (approximately $6.4m).
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Based on the offer price, Mdundo’s market cap value is DKK 102.0m (approximately $16m).
During the two-week tender period from August 17 to 28, the company’s share offer was increased by 111%.