The Kenya-based music service Mdundo is listing its shares on the Nasdaq First North Growth Market Denmark tomorrow following an oversubscribed pre-sale period that raised DKK40 million (US$6.4 million), in a bid to solidify its leading position in the pan-African music market. Launched in 2013, Mdundo provides access to all the continent’s favourite music to over five million monthly active users in 15 countries in Sub-Saharan Africa, with over 20 million monthly downloads and streams via its website and app. “Mdundo currently has five million monthly users, but our potential is more than 30 times greater. Much as services like iTunes and Spotify took over that market, Mdundo is positioning itself ahead of the curve in Sub-Saharan Africa, powering the uptake of 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.

Source: The North Africa Journal September 03, 2020 06:11 UTC