Mdundo.com is an online mobile music service with 20.3m monthly active users and the company shares revenue with rights owners, record labels, and musicians for consumption of the music on the service. The company has announced a milestone of $1m in payouts to rights owners across Africa providing rights owners with an additional channel to earn revenue on the music. The growth is a result of Mdundo.com’s strategy to provide a strong alternative to music piracy as well as the steady growth of Mdundo.com’s commercial performance.
In addition, the company expects rights owners to earn an additional $1 million in the period between July 2021 to June 2022 from the service and it recently announced a goal of 50 million monthly active users and a positive EBITDA for the financial year ending June 2025.
Mdundo.com’s Head of Licensing Ms. Wanjiku Koinange said, “The commercial success of our service has created a massive opportunity for local and global rights holders to generate revenue from the growing lower and middle-class across Africa that is online on their phone. It’s a very exciting development and we’re experiencing an increase in interest from global rights owners to understand our business and monetisation strategy.”
Between July 2021 to July 2022, Mdundo.com has grown its local catalog by 43% to a total of 423,000 African songs that were directly uploaded to Mdundo.com. The fastest growing regions are Central Africa and Western Africa with 85% and 78% growth respectively.
In addition, the company has entered new licensing agreements with major global and African rights organizations including Universal Music Group and Fuga in addition to the partnerships with Warner Music Group and Believe Digital and leading African rights owners Mavin Records, Africori, emPawa, MAD, Slide Digital, Zeze Africa, Tamasha Records, CCA, Lynx Entertainment, Black Market Records and Kings Music.
“As a result of our growing commercial success across our key markets, Mdundo.com has increased our payouts to rights holders significantly. The commercial success is also clearly illustrated in our rapid growth in payout per Stream, up by approximately 400% from the first half of 2021 to the first half of 2022,” added Ms. Koinange.
Mdundo.com is one of Africa’s leading music services and it aims to provide Africa with easy and legal access to online entertainment by delivering locally relevant content, formats and channels to consumers in Africa. The company seeks to and has invested heavily in driving value per user through premium products and telecommunication partnerships.
One of Mdundo.com’s close partners in Africa, MAD Solutions Group, acknowledged its business growth from the platform’s payouts.
MAD Solutions Group Founder and Chief Executive Officer Mr. Bugwu Aneto-Okeke said “We are experiencing great growth for our catalog within the Mdundo.com service across the continent. It’s important for us to work with a local service that targets the mass market within the continent, ensuring that we are offering a solution as a record label for fans of African music. It’s exciting to see that African music fans are growing in commercial value to strengthen the financials within the African music industry further.”
In June 2022, Mdundo.com had a total of 20.3 million monthly active users, a 74% growth from June 2021. The biggest users numbers are from Nigeria with a total of 4.9 million monthly users, followed by South Africa with 3.7 million, Kenya with 2.8 million and Tanzania with 2.4 million.
In addition to the four biggest countries, the company had a strong user base in several other countries with over 100,000 monthly users including Uganda, Ethiopia, Ghana, Congo – Kinshasa, Zambia, Sudan, Cameroon, Angola, Zimbabwe, Mozambique, Rwanda, Côte d’Ivoire, South Sudan and Malawi.
Mdundo.com is one of Africa’s leading music services and it aims to provide Africa with easy and legal access to online entertainment by delivering locally relevant content, formats and channels to consumers in Africa. The company seeks to and has invested heavily in driving value per user through premium products and telecommunication partnerships.
About Mdundo.com: Mdundo.com is a leading music service for Africa with millions of people streaming and Streaming music from our app and website every month. We aim to provide Africa’s millions of internet users with easy access to music whilst contributing structure, legality, and income to the sector. The company is publicly listed at Nasdaq First North Growth Market in Copenhagen. More info: https://mdundo.com/
