Mdundo.com, Africa’s leading music service, is making waves in the East African entertainment landscape with its annual guidance announcement. This dynamic company, boasting an impressive 8.8 million monthly active users across Nigeria and Ghana alone, is poised for an exciting phase of expansion, innovation, and success. Get ready to witness groundbreaking partnerships and value-driven initiatives that will revolutionize the music industry in the region.
Record-Breaking Growth and Financial Success
Mdundo.com is set to soar to new heights, targeting an awe-inspiring surge in monthly active users. The aim is to elevate the user count from an already impressive 26 million in the previous financial year to a staggering 35 million, showcasing an outstanding growth rate of 35%. Since its IPO in 2020, the company has experienced a remarkable seven-fold increase in monthly active users, cementing its position as the go-to music service in Africa.
Prepare to be amazed by the substantial increase in annual revenue as well. Mdundo.com projects a range of NGN 2 billion to NGN 2.5 billion, demonstrating an average growth rate of 31%. This growth trajectory highlights the company’s commitment to financial progress and the exciting opportunities that lie ahead.
Martin Møller Nielsen, CEO at Mdundo.com, expressed his enthusiasm, stating, “We are thrilled to unveil our annual guidance for the fiscal year 2023-24. 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 in South Africa and beyond.”
Powerful Partnerships for Unmatched Impact
Mdundo.com has solidified its market position through strategic collaborations with key players in the East African music industry. Partnering with renowned advertising agencies like Saracen, Dentsu, and WPP-Scangroup, as well as influential local record labels including Kings Music, Black Market Records, Slide Digital, Sol Generation, Zeze Africa, Tamasha Records, Kaka Empire, Mdundo.com has expanded its reach, enriched its music library, and connected with a diverse array of talented artists.
Empowering West African Musicians
Recognizing the immense talent and creativity within the West African music scene, Mdundo.com provides a platform for local artists to showcase their work to a broader audience. With a whopping 44,000 Nigerian musicians and 12,000 Ghanaian musicians registered on the platform, Mdundo.com is championing local talent and driving the music industry’s growth.
Accessible Music for All
Mdundo.com places great importance on accessibility and inclusivity. The platform optimizes its performance to cater to users with low to mid-end mobile devices and limited internet data consumption. By ensuring a seamless music streaming experience regardless of device specifications or data limitations, Mdundo.com is committed to making music easily and legally available to all.
The Path to Success: A Vision for 2025
Mdundo.com remains steadfast in its pursuit of ambitious goals set for 2025. The company aims to achieve a whopping 50 million monthly active users while operating with a positive EBITDA. To achieve this, Mdundo.com will concentrate its efforts on key markets, including Nigeria, Kenya, Tanzania, Ghana, and South Africa. With a combined population of 422 million people, these markets present immense growth opportunities due to high internet penetration rates and robust economic development.
Mdundo.com also focuses on delivering value to users through collaborations with prominent telecommunications providers such as Vodacom, Airtel, and MTN. These partnerships offer unique music packages to a wide customer base of 185 million people across Tanzania, Nigeria, Ghana, and South Africa. Through these collaborations, we can navigate the challenges of low card penetration in Africa, providing our users with easier and more accessible ways to enjoy their favorite tunes. This strategic approach has greatly contributed to our continued growth and success in Africa’s vibrant music industry.
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