African music service Mdundo.com’s monthly active users have grown from 5 million in June to 6.4m in September, reflecting 144% growth compared to September 2019.
That’s according to the company’s Q1 results for the period of June to the end of September 2020.
Mdundo also claims that it is on course to hit 9m users by the end its 2020/21 financial year and 18m by the end of 2021/22.
The news of Mdundo’s current and predicted MAUs comes just two months after the company listed on the Danish stock exchange (the Nasdaq First North Growth Market) to accelerate its growth in sub-Saharan Africa.
Mdundo issued 4,000,000 new shares at an offer price of DKK 10 per share, raising DKK 40.0 million (approximately $6.4m).
Based on the offer price, Mdundo’s market cap value is DKK 102.0m (approximately $16m).
The company’s share offer was oversubscribed by 111% during its two week tender period between August 17-28.
Established in Kenya in 2013 and headquartered in Denmark, Mdundo’s first day of trading was Friday, September 4 under the symbol MDUNDO.
Mdundo reports in its latest results to have seen significant growth in East, West and Southern Africa across the quarter.
The company has also secured a direct advertisement deal with Nigerian telecommunications company, 9mobile.
Also during the quarter, Mdundo reports to have closed B2B advertisement deals with global and pan-African brands like Safaricom, Standard Chartered, Nivea, Oxfam and Serengeti.
Mdundo is available to users worldwide, but focuses on 15 African markets including Kenya, Tanzania, Uganda, Nigeria, Ghana, Zambia, Zimbabwe, Mozambique, Angola, Rwanda, Cameroon, Congo, Malawi, South Africa and Namibia.
The company also claims to work with more than 60,000 artists from across Africa as well “as some of the world’s leading record labels”.
Warner Music Group signed a licensing deal with Mdundo in 2017.Music Business Worldwide
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