Mdundo.com announces 89.7% revenue growth for H121

African music service platform Mdundo.com has recently announced a staggering 89.7% revenue growth for the first half of 2021, following their latest Annual General Meeting. The CEO, Martin Nielsen, sat down for an exclusive interview with CNBC Africa to delve deeper into the remarkable success story of Mdundo.com. Nielsen expressed his elation at the exceptional growth rate, attributing it to a strategic focus on expansion and partnerships over the past 18 months. The platform has witnessed a significant surge in subscribers, with West Africa, particularly Ghana and Nigeria, emerging as the fastest-growing markets. Nielsen highlighted Nigeria's ascension as Mdundo.com's largest single market, surpassing Kenya and Tanzania in December. Noteworthy partnerships with industry players such as Viboda in Tanzania, MTN, and Airtel in Nigeria have played a pivotal role in augmenting the platform's user base and increasing paid subscriptions. The decision to target Nigeria and Ghana was a deliberate move even before the onset of the pandemic. Nielsen underscored the immense potential of these markets, given their sizeable populations and robust economies. Despite rapid growth in Central and South Africa, Nigeria and Ghana stood out for their substantial impact and economic viability. In terms of user preferences, Nielsen shed light on the platform's data, revealing a strong inclination towards local music. Approximately 56% of the music consumed on Mdundo.com originates from the user's respective country, with a high demand for content in local languages. Moreover, there is a significant uptake of African music, with 80% of the total music consumption stemming from the continent. The conversation then shifted towards the platform's support for artists. Nielsen emphasized Mdundo.com's role as a licensed platform that remunerates artists through royalties. Artists enjoy direct access to their content, facilitating seamless management of payouts and royalties. The evolving landscape of the African music industry presents new opportunities for artists to secure favorable deals and maximize their rights. Looking ahead, Mdundo.com has set an ambitious target of reaching 18 million monthly active users by June of this year. To achieve this goal, Nielsen outlined a multifaceted strategy involving expansion into new territories, revenue growth to incentivize partners, and strategic collaborations with telcos to tap into their extensive subscriber bases. These concerted efforts have propelled Mdundo.com's growth trajectory, with a steady increase in active users since the company's listing in June 2020. As Mdundo.com continues on its growth trajectory, Nielsen remains optimistic about surpassing the 18 million user milestone by mid-2021 and further expanding the platform's reach in the months to come.