Kenyan music startup Mdundo saw its monthly active users increase by 27 per cent to 6.4 million in September from five million in June, putting it on track hit the nine million figure by the middle of next year.
Launched in 2013, Mdundo provides access to all the continent’s favourite music to over five million monthly active users in 15 countries in Sub-Saharan Africa, with over 20 million monthly downloads and streams via its website and app.
The company listed its shares on the Nasdaq First North Growth Market Denmark last month following an oversubscribed pre-sale period that raised DKK40 million (US$6.4 million), in a bid to solidify its leading position in the pan-African music market.
Its first quarterly report suggests positive developments in that respect, with Mdundo reporting 27 per cent growth in monthly active users between June and September. The company said it was on track to hit its nine million monthly active user target in June 2021, and double that in 2022.
Mdundo’s growth is significant in East, West and Southern Africa, which it said supports its mission to be the primary pan-African music platform. The company has also recently launched closed its first significant B2B direct advertisement deal outside East Africa, with the Nigerian telecommunication company 9mobile, while in Kenya it has closed B2B advertising deals with global and pan-African brands like Safaricom, Standard Chartered, Nivea, Oxfam and Serengeti.
“Mdundo has had a really strong quarter, the team has done an amazing job increasing our presence in Eastern Africa as well as growing our user base in Western Africa throughout the period. We are extremely pleased with the reception of the IPO that took place half way through the quarter and we’re very thankful for the confidence the music industry and our investors are giving us as we move towards our vision to grow the music industry in Africa,” said Martin Nielsen, Mdundo’s chief executive officer (CEO).