Individuals
Businesses
Company
Intelligence
News
African Capital Markets
EnglishEnglish
share on twittershare on linkedinshare on facebookshare to whatsapp
share on mail
share on instagram

Kenya's Mdundo expects to pay out $1.5m in royalties this year

Daba Finance/Kenya's Mdundo expects to pay out $1.5m in royalties this year
STARTUP VENTURE CAPITALFebruary 16, 2024 at 5:10 PM UTC

TLDR

  • Mdundo, a Kenyan music distribution startup, plans to pay out up to $1.5 million in royalties to African artists for 2023/24.
  • The company operates as a pan-African music service and has experienced significant growth since its listing on Nasdaq.
  • Around 156,000 artists from Kenya, Tanzania, Nigeria, South Africa, Uganda, and Ghana will benefit from the royalties.

Mdundo, a Kenyan music distribution startup, is forecasting a payout of up to $1.5 million in royalties to artists for 2023/24, as part of its efforts to empower African musicians and advocate for equitable compensation within the music industry.

Established in Kenya in 2013, Mdundo operates as a pan-African music service, facilitating the legal and convenient distribution of music across the continent. Following its listing on the Nasdaq First North Growth Market Denmark in 2020, the company experienced significant growth, with 30.8 million monthly active users accessing music from over 172,000 content providers.

For the 2023/24 period, artists are expected to receive royalties ranging from $1.2 million to $1.5 million, benefiting around 156,000 artists from Kenya, Tanzania, Nigeria, South Africa, Uganda, and Ghana.

Key Takeaways

Mdundo has achieved a significant milestone, reaching 30.8 million monthly active users (MAUs) by the conclusion of 2023. This represents a 16% increase from June 30, 2023, when the company reported 26.6 million MAUs. The company announced that this growth trajectory positions it well to attain its target of 50 million MAUs by 2025. Despite an overall decline in revenue for the first half of fiscal year 2023/24 (1H 2023/24), which dropped by 12% year-over-year to DKK 5.7 million ($823,000 at current exchange rates), a notable driver of growth has been the company's subscription service. Subscription revenue experienced a remarkable 48% year-over-year surge, reaching DKK 3.1 million ($448,000) compared to DKK 2.1 million in the corresponding period last year. This subscription revenue now constitutes a dominant 55% of the total income. The shift towards subscription revenue, from no paid service revenue in 2019/2020, underscores Mdundo's strategy of collaborating with telecommunication providers and offering premium features to its users.

Mdundo
Kenya
Entertainment
Startup
Music

Think someone else should see this?

share on twittershare on linkedinshare on facebookshare to whatsapp
share on mail
share on instagram
Stay informed with our newsletters read by 25,000+ professionals worldwide
Newsletter companiesNewsletter companiesNewsletter companiesNewsletter companiesNewsletter companiesNewsletter companies

Next Frontier

Stay up to date on major news and events in African markets. Delivered weekly.

Pulse54

UDeep-dives into what’s old and new in Africa’s investment landscape. Delivered twice monthly.

Events

Sign up to stay informed about our regular webinars, product launches, and exhibitions.

+25k investors have already subscribed

To invest in this opportunity and other opportunities across Africa

Download the daba finance app on your mobile through
appstore iconappstore icon
Phone Image

Take action.

Download app

Start investing in Africa’s best opportunities, including stocks, bonds, startups, venture funds, and more.

Partner with us

Unlock exciting business opportunities and growth potential.

Join Daba

Become a part of our vibrant community and enjoy exclusive benefits.

Contact us

Reach out to us for inquiries, support, or collaboration.
For Investor
StrategiesPortfolio ManagementAfrican Capital MarketsNews
Daba Pro Intelligence
For Capital Seekers
For StartupsFor Fund ManagersFor Private CompaniesFor Lenders
For Partners
Commercial BanksBroker DealersAsset ManagersInvestment BanksInvestment Advisors and ConsultantsLenders and Microfinance
Company
About UsMarket UpdatesEventsBlog and PodcastNewsletterCase StudiesAffiliate ProgramInvesting GlossaryOfficial ContactsTrust, Compliance and SecurityFrequently Asked Questions

Terms & ConditionsPrivacy Policy
EnglishEnglish

Owned by Daba Markets Inc. By using this site, you accept our Terms and Conditions and Privacy Policy. © 2024 All rights reserved. 2025 All rights reserved