Africa-centric streaming platform Mdundo has reported substantial progress in its shift toward a subscription-based business model, with a 45% year-over-year increase in subscription revenue for the first half of its fiscal year. The company is now focusing more on reaching African music fans beyond the continent.

The platform, listed on the Copenhagen Stock Exchange, generated DKK 4.5 million (approximately $653,000) in subscription income for the six months ending December 31, 2024, according to its newly published financials.

While advertising revenue dipped 44% YoY to DKK 1.4 million ($203,000) due to a drop in digital ad rates between June and November, total revenue still inched up by 3% YoY, reaching DKK 5.85 million.

In a joint shareholder message, CEO Martin Nielsen and Chairman Jesper Drescher reaffirmed the company’s transition toward subscriptions, boosted by new deals with Glo Nigeria and Vodacom South Africa.

Because access to traditional payment methods is limited in key African regions, Mdundo’s telecom partnerships have been critical—allowing users to pay for subscriptions directly through their mobile bills.

As of the end of H1, Mdundo reported 38.8 million monthly active users, representing a 26% YoY rise, with an additional 1 million users added since the previous quarter. The company expects to hit 40 million MAUs by June 30, 2025, which would reflect an 11% YoY increase. However, specific figures for paying versus ad-supported users were not disclosed.

Operationally, the company reduced its EBITDA loss by 36%, bringing it down to DKK -2.1 million ($305,000) from DKK -3.5 million in the same period last year. This reduction is attributed to tightened focus and streamlining around the company’s strongest revenue sources.

Mdundo is now also working to extend its reach globally. The recent launch of its Progressive Web App (PWA) aims to connect with African music lovers in the diaspora, especially in the US, UK, Germany, and France.

So far, 87,000 new African songs have been added to the service’s library, which now holds a total of 772,000 tracks, reinforcing Mdundo’s commitment to championing local music.

The company is maintaining its full-year outlook, projecting revenue between DKK 12-15 million ($1.66–2.08 million), reflecting a 26% increase YoY at the midpoint. EBITDA losses are forecasted to improve further, narrowing to DKK -4 million to -5 million, representing a DKK 1.4-2.4 million improvement compared to the previous fiscal year.

Mdundo says it is also on track to secure two to three additional telecom partnerships before the end of the fiscal year.