Popular music streaming platform, Mdundo.com has released its report, covering the first half of the year that ended 31st December 2022.
During this period, the company’s revenue grew by 161% to stand at Ksh.115 million. The company paid 50% of its earnings, to rights owners translating to Ksh. 60 million.
The pan-African music streaming platform made an important milestone as monthly users grew by 23.4 million, a 15% increase since June 2022. The growth was largely attributed to the use of smartphones, internet penetration, premium products, and partnerships with telecommunication companies.
“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 says.
The platform’s catalog in the recorded period consisted of 487 thousand tracks uploaded by over 140 thousand African rights holders. This represents a 32% increase from the previous year.
The catalog also included 1.7 million songs from major music groups such as Warner Music Group, Universal Music Group, and Believe Digital.
The fastest-growing licensing partners on Mdundo in the period were Slide Digital (Tanzania), Dapper and Mavin (Nigeria), Content Connect Africa (South Africa), and Saldid Records (Kenya).
There has also been a growing interest in DJ mixes. Among the top DJ mixes on Mdundo were Kings Music Playlist, Black Market Records, Empawa Mixtapes, Mavins Playlist, and Tamasha Records.
Subscriber revenue accounted for Ksh. 40 million, or 33% of the total revenue for the period. This represented a six-fold increase from the previous year’s Ksh. 6.4 million and a YoY growth of 508%.
The company hopes it will hit 50 million users by June 2025. As part of its short-term strategy, the Mdundo projects full-year earnings to be about Ksh. 280 million by June 2023.
Follow us on Telegram, Twitter, and Facebook, or subscribe to our weekly newsletter to ensure you don’t miss out on any future updates. Send tips to info@techtrendske.co.ke
