Mdundo lauds MTN Nigeria for boosting music royalty payouts

This follows the integration of Mdundo’s music platform on the MTN Nigeria service, a move that is meant to benefit artists by expanding their reach and engagement with transparent royalty payments and accurate earnings tracking.

In September last year, Mdundo entered into a partnership with MTN Ghana to offer mobile customers access to its Premium service.

Mdundo head of marketing and partnerships Sowari Akosionu highlighted the positive impact of the latest partnership in benefitting Nigerian artists through significant monetary benefits.

“We are thrilled to acknowledge MTN Nigeria for their contribution to this year’s artist payout,” she said. “Through our dynamic partnership, they have made an indelible impact in supporting and empowering Nigerian artists, resulting in substantial financial rewards.”

Mdundo CEO Martin Nielsen thanked the MTN Nigeria music team for its support and alignment. “The success of our partnership with MTN in Nigeria plays a significant part in our growth in the country and our contribution to the music industry,” he said.

“Together we have launched a very successful music service for the African mass market that provides an alternative to illegal downloads. This plays a significant role in growing the earnings for musicians across Africa.

“Looking ahead, we eagerly anticipate the continued collaboration with MTN Nigeria as we collectively strive to empower artists, foster a thriving music ecosystem and unlock new avenues of growth and prosperity within the Nigerian music industry.”

In June, Mdundo unveiled its annual guidance for fiscal 2023-24. The company anticipates an increase in monthly active users (MAUs) from 26 million to 35 million, marking a 35% growth. Mdundo expects a significant uptick in annual income of $2.4m to $3m, a remarkable 11- to 13-fold increase in yearly revenue since its Denmark IPO in 2020.

Mdundo says it is committed to improving its earnings before interest, taxes, depreciation and amortisation (EBITDA) by 10%, demonstrating a focus on financial progress and reducing cash burn. These projections align with the company’s 2025 strategy, which aims to amass 50 million MAUs.