Mdundo said that it remains on track for the 50 million milestone by June 2025. The company cited its recent licensing deal with UMG and the launch of its Mdundo Premium service with Ghanaian telco MTN as highlights. The report’s publication follows last month’s annual financials for Mdundo, which revealed that in the year to 30 June 2022 the company’s revenues grew by 215.6% to DKK 7.3m ($947k), although its annual losses totalled DKK 9.7m ($1.3m).
Mdundo is still a mainly ad-supported service, but revenues from subscriptions accounted for 18% of the company’s revenue in its last financial year, up from 2% the year before.
