Africa-focused music streaming platform Mdundo.com reported 39.2 million monthly active users (MAUs) in March 2025, a 14% increase from 34.5 million in March 2024. The company, listed on NASDAQ First North in Copenhagen, attributed the growth in part to a new partnership with MTN Cameroon, marking its entry into the francophone market. The collaboration introduced Mdundo Premium to the telecom’s 13 million customers.
The deal with MTN Cameroon is one of three new telecom partnerships secured in the current fiscal year, surpassing Mdundo’s annual target for carrier agreements. Mdundo now works with eight telecom operators across the continent, including MTN Ghana, MTN Nigeria, MTN Cameroon, Vodacom Tanzania, Vodacom South Africa, Airtel Nigeria, Glo Nigeria, and Safaricom Kenya. Collectively, these partners give the platform potential access to more than 352 million mobile customers.
In addition to geographic expansion, Mdundo is broadening its payment options. The company plans to launch card payments for users outside Africa and will introduce premium subscriptions via direct billing on its web platform. It also partnered with Minipay, allowing premium access through the Opera Mini browser.
The streaming service’s app—available outside Africa since the beginning of the fiscal year—has contributed to international growth. For now, this app version is only available in Western markets. Direct billing for premium subscriptions is expected later this quarter.
Mdundo says its focus remains on regional African music styles, such as Fuji, Highlife, Luo (Ohangla), Zilizopendwa/Rhumba, Singeli, Hausa, Kalenjin, and Katitu/Kamba, which it calls “hyper-local music genres.”
Despite growing its user base, Mdundo maintained a reduced revenue guidance of DKK 11 to 12 million (approximately USD $1.7 to $1.8 million), down from its earlier forecast of DKK 12 to 15 million. The company cited delays in receiving payments from its two largest telecom partners, which contributed 75% of its subscription revenue in 2024.
On April 3, Mdundo announced a strategic review to explore options for increasing value and enhancing its market position. Deloitte Corporate Finance South Africa is advising the company as it considers ownership changes, strategic investment, or industry consolidation.
Regarding advertising, Mdundo expects better performance in early 2025, citing stronger direct sales and higher campaign values. The company said advertising revenue in Q3 was affected by low prices, but anticipates improvement in the January–July 2025 period compared to July–December 2024.
