Music streaming service, Mdundo, has announced that it now has 23.4 million Unique Monthly Users. This is a 15% increase from a similar period.
This is contained in a report that covers the first half of the financial year, ending on 31st December 2022. The milestone is in line with the company’s 2025 Strategy of reaching 50 million monthly active users.
Other highlights from the report include;
§ Mdundo’s revenue for this period was over Ksh. 115 million. An increase of 161% compared to the same period last financial year.
§ Mdundo has paid 50% of revenue to rights owners. This translates to Ksh. 60 million during the first half of 2022 ending in December 2022.
§ User Growth: The online music platform reached 23.4 million Unique Monthly Users, representing a 15% increase since June 2022. The increase in unique monthly has been driven by use of smartphones, internet penetration, premium products, and partnerships with telecommunication companies. 3.5 million monthly users were from Kenya, up from 2.7 million in December 2021.
§ Advertising revenue: The advertising revenue closed at Ksh. 77 million in the financial period H1 22/23 compared to Ksh. 41 millionin the period H1 21/22, an increase of 89%. Majority of Mdundo’s advertising orders came from Kenya.
§ Subscriber revenue: Paying subscriber revenue accounted for Ksh. 37 million in revenue. This is an estimated 33% of the total revenue for the financial period. The revenue subscription increased six (6) times in the current financial period compared to the previous H1 revenue subscription which stood at Ksh 6.3 million.
§ The Music Catalogue: 487 thousand tracks had been uploaded by over 140 thousand African rights holders onto Mdundo.com. This is an increase of 32% from December 2021. In addition, the service offers 1.7 million songs from 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). Top DJ mixes on Mdundo were Kings Music Playlist, Black Market Records, Empawa Mixtapes, Mavins Playlist and Tamasha Records.
§ Mdundo.com expects the number of monthly active users to increase to approximately 25 million at the end of the financial year 2022-23.
§ Mdundo.com is aiming at a positive EBITDA of the financial year ending June 2025 as per the company’s strategy by growing the number of users to 50 million.
§ The company is still expecting total revenue of Ksh. 234– 288 million of the financial year ending 30th June 2023, up from Ksh. 129 million in the last financial year. It is also expecting an EBITDA in the range of minus 126 – 143 million in 2022-2023. This is as result of increased investment focusing on driving value per user through premium products and telco partnerships.
§ Subscription revenue is expected to account for 40% of the total revenue within a few years.
Find the full report HERE.