Africa’s leading music service Mdundo.com has announced its annual guidance for the financial year 2023-24, signaling a thrilling phase of expansion due to continuous positive financial performance.
With a strong focus on key markets, groundbreaking partnerships, and innovative value-driven initiatives, Mdundo.com is set to make significant strides in the music industry.
Notable financial highlights include impressive growth in Monthly Active Users (MAUs); substantial increase in Annual Revenue; and (Earnings Before Interest, Taxes, Depreciation and Amortization) EBITDA Improvement.
Mdundo.com aims to propel its MAUs to new heights, targeting a remarkable increase from 26 million in the previous financial year to an impressive 35 million, reflecting a notable surge of 35 per cent.
Since its IPO in 2020, Mdundo.com has experienced an astounding seven-fold growth in MAUs, solidifying its position as a leading music service in Africa.
The personalized entertainment service company expects to achieve a substantial increase in annual revenue, projecting a range of Sh350 million to Sh430 million. This demonstrates an average growth rate of 31 per cent compared to the current financial year’s revenue expectations of Sh270 million to Sh330 million.
Mdundo.com aims to significantly enhance its EBITDA performance, foreseeing an improvement from an anticipated range of Sh145 million to Sh175 million in the previous financial year to a range of Sh130million to Sh155 million, representing an average increase of 11 per cent, showcasing the company’s dedication to financial progress.
“We are thrilled to unveil our annual guidance for the fiscal year 2023-24.” Said Martin Møller Nielsen, CEO Mdundo.com. adding, “Our focus on key markets, strategic partnerships, and user-centric initiatives has positioned us for exceptional growth and impact in the African music landscape. We are committed to connecting musicians, music enthusiasts, and industry partners while creating sustainable opportunities for the music industry across all key markets.”
Mdundo.com was founded in Kenya in 2012, today the business is a leading Pan-African music service, 24.5m monthly active users, 3m being from Kenya. The company has partnered with leading companies such as Vodacom, MTN and Airtel as well as Universal Music Group and Warner Music Group.
Mdundo.com is a platform that empowers Kenyan musicians, with 86,000 musicians from Kenya having an account with the service.
The company recognizes the immense talent and creativity within the Kenyan music scene and provides a platform for these artists to showcase their work to a broader audience. Currently 86,000 independent Kenyan musicians have Mdundo accounts.
Mdundo.com places a strong emphasis on accessibility and inclusivity, aiming to make music easily and legally available to users with low to mid-end mobile devices and limited internet data consumption. By optimizing the platform’s performance for these devices, Mdundo.com ensures that users can enjoy a seamless music streaming experience regardless of their device specifications or data limitations.
On future plans, Mdundo.com remains firmly on track to achieve its ambitious 2025 strategy, which centers on reaching 50 million monthly active users and achieving a positive EBITDA operation.
It has established music packages in collaboration with prominent telecommunications providers, including Vodacom in Tanzania, Airtel in Nigeria, and MTN in Nigeria, Ghana, and South Africa, partners who collectively reach an extensive customer base of 185 million people, enabling Mdundo.com to address the low penetration of payment cards in Africa and deliver enhanced value to its users.