Africans are taking the future into their own hand no longer relying of big establishment for bread.
Mdundo, Africa-focused music streaming service seeks to grow its revenue earning in partnership with big telecommunications companies in the continent such as MTN, Airtel in Nigeria and Vodacom in Tanzania.
Both, MTN and Airtel Nigeria have a combined customer-base of 124.5 million, while Vodacom Tanzania has 15.6 million subscribers, giving Mdundo access to a huge target audience pool.
Mdundo’s founder Martin Nielsen said, “this is a new revenue stream for us. When we listed the company in September 2020 we predicted that revenue from this revenue stream will account for 40% of revenue within a few years and this is still our forecast.”
“We’re rapidly growing our commercial operation outside our home-market, Kenya. This allows us to be closer to advertising clients across the continent and, thereby, create awareness and educate around our unique advertising formats and reach,” he added.
Across the African continent, there are more than 20 music streaming services, including Sweden’s Spotify, which is in 44 African countries after expanding to an additional 38 countries in the continent last year.
Nigeria-headquartered Boomplay and Songa by Kenya’s telco Safaricom are other popular streaming products.
“The revenue growth is a result of scaling our sales operation to new markets,” said Nielsen.
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