Music streaming service Mdundo, which focusses on sub-Saharan Africa and operates in a dozen or so countries, including Kenya, Tanzania, Nigeria and Ghana, is to list shares on the Nasdaq First North Growth Market Denmark, reports Disrupt Africa.
Whilst the service is Kenyan-based, its headquarters are in Denmark, hence the localised listing. The intention is to raise money to grow market share across Africa, where the use of streaming platforms is starting to gain critical momentum – and Mdundo feels well-placed to strengthen its platform in other markets, like Zimbabwe, Mozambique, and Angola.
The market seems to agree, with Mdundo’s share sale offer raising the equivalent of $6.4 million from 3000 investors. It’s indicative of how fast the music streaming framework is establishing itself across Africa, as the physical technology (smartphones) and digital technology (an array of localised DSPs) unite with the public’s willingness to pay for music.
Large western DSPs are taking quite different approaches when engaging with Africa: Spotify is only available in five countries, mainly in North Africa, while Apple Music is now available in 25 countries on the continent.