The pre-sale was oversubscribed.
Startup Kenyan Mdundo Music Service main objective was to raise enough funds that would see it grow into the new African markets.
This growth would help Mduno to solidify its position as they lay hold to be the pan-African market leader in music distribution.
Kenyan Mdundo Music Service was launched in 2013 and currently boasts of having over five million monthly active users in 15 countries in the Sub-Saharan Africa region. This top African music brand receives over 20 million monthly downloads and streams on both its official website and app.
The music company’s major markets are basically Kenya, Tanzania, Uganda, Nigeria, and Ghana, with a rising focus on Zambia, Zimbabwe, Mozambique, Angola, Rwanda, Cameroon, Congo, Malawi, South Africa, and Namibia.
It has just agreed on an initial public offering in Denmark, where it is headquartered.
Kenyan Mdundo Music Service is listed on the Netherland stock market, Mdundo main objective has always been to raise lots of funds for its continuous growth in unexplored markets of Africa.
The Chief Executive Officer of Mdundo, Martin Nielsen said “Mdundo currently has five million monthly users, but our potential is more than 30 times greater. With a steep growth curve and a very scalable solution, we plan to invest further in user growth to increase our market coverage to the whole of sub-Saharan Africa, so that within approximately three years we will have well established Mdundo as the leading pan-African music service for consumers and musicians. In this way, we want to achieve in Africa what Spotify has achieved in the West and what Tencent has achieved in Asia.”
Statistics show that about 30% of all phone users in Africa listen to music on the devices. However, so many mobile phone users still download music through illegal means.
Mdundo is therefore positioning itself strategically in the sub-Saharan Africa region by improving access to music through its legal music service.
“It’s one of our key focuses at Mdundo, to get people who are currently accessing music illegally in Africa to move to legal platforms. We believe in the fair and open music industry on the continent, where African artists are remunerated for their great music, and fans can listen to all the music they want at a low/affordable cost,” Nielsen said.
The Kenya Mdundo music service will be working to promote legal African music access and has over time helped to remove over one million links of illegal African music from Google.