Growth of Mdundo in the African Market
Platform of streaming music focused on Africa, Mdundo.com, reached 39.2 million active users per month in March 2025 as it entered its first French-speaking market, thanks to a new partnership with MTN Cameroon.
The company, listed on the NASDAQ FIRST NRETH Exchange in Copenhagen, reported 14% year growth in its user base, rising from 34.5 million in March 2024, putting it on track to achieve its goal of 40 million monthly active users by June 2025.
Mdundo attributed some of its growth to its entry into the francophone market of MTN Cameroon, which offers Mdundo Premium to 13 million clients.
Strategic Partnerships and Expansion
The partnership with MTN Cameroon is one of three new agreements with telecommunications companies that Mdundo secured this financial year, exceeding its annual goal for partnerships with carriers.
With this recent expansion, Mdundo now collaborates with eight telecommunications providers across the continent: MTN Ghana, MTN Nigeria, MTN Cameroon, Vodacom Tanzania, Vodacom South Africa, Airtel Nigeria, Glo Nigeria, and Safaricom Kenya. According to Mdundo, these partnerships offer potential access to over 352 million telecom clients.
The company is also diversifying its payment channels, preparing to launch payments for subscribers outside Africa, and implementing premium subscriptions through direct billing on its web streaming application.
Additionally, Mdundo is collaborating with Digital Wallet Minip to allow users to access premium features through the Opera Mini browser.
Mdundo’s application, launched outside Africa at the beginning of the financial year, serves as another growth driver. The platform is currently the only version available in Western markets offering premium subscriptions through direct billing in the current quarter.
Mdundo remains focused on “hyper-local musical genres,” prioritizing regional styles such as Fuji, Highlife, Luo (Ohangla), Zilizopendwa/Rhumba, Singeli, Hausa, Kalenjin, and Katitu/Kamba.
Despite this expansion, Mdundo adjusted its annual revenue guidance down to between 11 to 12 million Danish Kroner (USD 1.7 to 1.8 million at the current exchange rate), compared to its earlier guidance of 12 to 15 million DKK.
The company attributed this revision to challenges in receiving payments from its two largest telecom partners, which account for 75% of its subscription revenue in the 2024 calendar year.
On April 3, Mdundo announced a strategic review to explore options for enhancing cost efficiency and market utilization. According to reports, Deloitte Corporate Finance South Africa will serve as a financial consultant, assisting Mdundo in considering potential ownership changes, strategic investments, or industry consolidation.
In advertising revenue, the company anticipates improvements in the first half of 2025 compared to the second half of 2024, driven by increased direct ad sales and a higher cost for advertising campaigns.
“Advertising revenue in the third quarter was impacted by ongoing low ad prices. However, the company expects to see improvements in ad sales.”
Mdundo
“Advertising revenue in the third quarter was influenced by lower ad prices, consistent with the company’s announcement in November 2024. However, improvements in advertising sales are expected between July to December 2024 and January to July 2025,” Mdundo stated.
The company has maintained its goal of reaching 40 million monthly active users by June 2025 and expects to book a negative EBITDA of DKK 4 to 5 million for the current financial year, representing an improvement of DKK 1.4 to 2.4 million compared to the previous financial year.
Africa-focused music streamer Mdundo hits 39.2m users as it expands into first francophone market
