Mdundo hits 7 million monthly active users

The figure represents a 39% growth in MAUs, according to the company’s recently published half-yearly (H2) report for 1 July to 31 December 2020. In November, the platform posted 6 million users. Mdundo says it is now targeting 9 million MAUs by June 2021 and 18 million by June 2022. The platform’s fastest growing region was West Africa.

Mdundo also announced a telco partnership with Vodacom Tanzania, which came into effect on 4 January. The company says the partnership lured 5 000 paying beta subscribers.

Launched in Kenya in 2013, the platform focuses on 15 African markets, including Kenya, Tanzania, Uganda, Nigeria, Ghana, Zambia, Zimbabwe, Mozambique, Angola, Rwanda, Cameroon, DRC, Malawi, South Africa and Namibia.

Mdundo also claims it works with more than 60 000 artists across Africa and some of the world’s leading record labels. In 2017, the company signed a licensing deal with Warner Music Group.

Additionally, Mdundo reported it had 1.4 million songs on its platform at the end of the reporting period, and more than 262 000 uploaded directly to its website. The company reported that direct uploads were up 58% year-on-year. The fastest growing region for direct uploads was West Africa with 197% growth year-on-year.

In terms of revenue, Mdundo made 1.3 million Danish krone ($212 000) during H2 in 2020. This revenue was generated mainly from advertising, which was up by 50.6% from 863 000 krone in the same period.

The company has grown from 12 to 16 full-time employees and 11 to 17 full-time consultants. In September, Mdundo listed on the Nasdaq First North Growth Market to accelerate growth in sub-Saharan Africa. It issued 4 million new shares at an offer price of 10 krone per share, raising 40 million krone based on the offer price. Its market cap value is 102 million krone.