Africa-focused music streaming platform Mdundo.com reached 39.2 million monthly active users in March 2025 as it entered its first francophone market through a new partnership with MTN Cameroon.
The company, listed on the NASDAQ First North exchange in Copenhagen, reported 14% YoY growth in its user base, from 34.5 million in March 2024, putting it on track to achieve its target of 40 million monthly active users by June 2025.
Mdundo partly attributed the growth in MAUs to its first foray into the francophone market via a partnership with MTN Cameron, which offered Mdundo Premium to the telco’s 13 million customers.
The partnership with MTN Cameroon is among the three new telecom deals that Mdundo secured this fiscal year , which ends on June 30. This exceeded its annual target for carrier partnerships.
With the latest expansion, Mdundo now partners with eight telecom 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 give it potential access to over 352 million telecom customers.
The company is also diversifying its payment channels, preparing to launch card payments for subscribers outside Africa and introducing premium subscriptions through direct billing for its web-based streaming application.
Additionally, Mdundo has partnered with digital wallet Minipay to allow users to access premium features through the Opera Mini browser.
The company’s app, launched outside Africa at the start of the fiscal year, represents another growth driver. This platform is for now the only version available in Western markets, with premium subscriptions through direct billing expected to launch within the current quarter, Mdundo said.
Mdundo says it remains focused on “hyper-local music genres,” adding that it prioritizes regional styles such as Fuji, Highlife, Luo (Ohangla), Zilizopendwa/Rhumba, Singeli, Hausa, Kalenjin, and Katitu/Kamba.
Despite this expansion, Mdundo kept its lowered annual revenue guidance at 11 to 12 million Danish kroner (USD $1.7 to 1.8 million at the current exchange rate), down from its earlier guidance of DKK 12 to 15 million.
The company attributed the downward revision to problems with receiving payments from its two largest telecom partners, which accounted for 75% of its subscription revenue in calendar 2024.
On April 3, Mdundo announced a strategic review to explore opportunities to boost value creation and leverage the company’s market position. With Deloitte Corporate Finance South Africa serving as financial advisor, Mdundo will consider potential ownership changes, strategic investments, or industry consolidation, it said.
On advertising revenue, the company expects improvement in the first half of 2025 compared to the second half of 2024, driven by increased direct advertising sales and higher value per campaign, the company said.
“The advertising revenue in Q3 was impacted by continued low advertising prices… However, the company expects an improvement in advertising sales.”
Mdundo
“The advertising revenue in Q3 was impacted by continued low advertising prices, consistent with the company’s November 2024 announcement. However, the company expects an improvement in advertising sales from the period July to December 2024 to the period January to July 2025,” Mdundo said.
The company maintained its target 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 fiscal year, representing an improvement of DKK 1.4 to 2.4 million compared to the previous financial year.
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