Mdundo, the African music streaming service, hit 39.2 million monthly users in March 2025—just as it made its debut in the French-speaking market through a new deal with MTN Cameroon.
The company, which trades on the NASDAQ First North exchange in Copenhagen, saw a 14% jump in users compared to the same time last year, when it had 34.5 million. At this pace, Mdundo is well on its way to hitting 40 million users by June.
A big push came from the MTN Cameroon partnership. Through it, Mdundo Premium became available to MTN’s 13 million subscribers. That deal was one of three new telecom partnerships the company secured this fiscal year, helping it go beyond its target for carrier deals.
Right now, Mdundo has eight telecom partners across Africa—MTN in Ghana, Nigeria, and Cameroon; Vodacom in Tanzania and South Africa; Airtel Nigeria; Glo Nigeria; and Safaricom Kenya. Altogether, these partnerships open doors to over 350 million potential users.
Mdundo’s also making it easier to subscribe. It plans to add card payments for users outside Africa and is rolling out direct billing for its web app. On top of that, it’s working with Minipay so users can unlock premium features straight from the Opera Mini browser.
Earlier this year, Mdundo launched its app outside Africa, targeting Western markets. Right now, that’s the only version available there, and direct billing for subscriptions is expected to roll out soon.
Music-wise, Mdundo says it’s staying close to its roots by focusing on local African genres—think Fuji, Highlife, Luo, Rhumba, Singeli, Hausa, Kalenjin, and Kamba sounds. That hyper-local focus continues to be a key part of its strategy.
Even with all this momentum, Mdundo stuck to its reduced revenue forecast of 11 to 12 million Danish kroner ($1.7 to $1.8 million). That’s lower than its earlier estimate. The company blamed the dip on delayed payments from its two biggest telecom partners, which brought in 75% of its subscription income in 2024.
On April 3, Mdundo shared that it’s doing a strategic review to explore new ways to grow and boost value. With Deloitte Corporate Finance South Africa advising, the company is open to everything from new investors to possible mergers.
On the ad front, Mdundo expects better performance in the first half of 2025 compared to late 2024. It’s betting on stronger direct ad sales and better returns per campaign. While ad revenue took a hit in Q3 due to low prices, the company sees that turning around between July 2024 and July 2025.
Despite the challenges, Mdundo’s still aiming for 40 million users by June and expects to cut its losses. It predicts a negative EBITDA of 4 to 5 million Danish kroner for this fiscal year, which would be a decent improvement over last year.
