Kenyan music streaming startup Mdundo has seen a 290% growth in user numbers since its IPO in 2020, taking it to almost 20 million.
Launched in Kenya in 2013, mdundo provides access to all of the continent’s favorite music to users in 15 Sub-Saharan African countries, with millions of monthly downloads and streams through its website and app.
The company listed its shares on the Nasdaq First North Growth Market Denmark in 2020 after an oversubscribed pre-sale period that raised DKK 40 million (US$6.4 million), with the aim of cementing its leading position in the pan-African music market.
Since then, Mdundo has increased the number of monthly active users by 290%, from five million to almost 20 million, with revenue growing by around 340% over the same period.
The company has now announced its “2025 strategy”, saying it expects 50 million users and positive EBITDA by 2025. Vodacom in Tanzania as well as MTN and Airtel in Nigeria. Partnerships allow telecommunications customers to subscribe directly to Mdundo’s high-end products. Mdundo also plans to focus more deeply on the five biggest music markets in sub-Saharan Africa – Kenya, Tanzania, Nigeria, Ghana and South Africa.
“Our growth strategy over the past two years has paid off with strong user growth and steady revenue growth in our core markets. Looking to 2025, we will continue to focus on aggressive user and revenue growth, but with a greater focus on creating value per user and we expect positive EBITDA by 2025,” said Mdundo CEO , Martin Nielsen.
“Our focus will remain on user and revenue growth and we expect to grow our revenue by approximately 100% this year through the year ending June 2023. The focus on growth will again be reflected in the results next year as a result of continued investment in acquiring paid subscribers and building the brand over the coming year.”