Tuesday, April 23, 2024

This is how much Mdundo has paid artists in 10 years

Music platform service Mdundo.Com has marked its 10th anniversary in the music  service industry since the company was founded.

The anniversary party which was held at the Wood Avenue plaza in Nairobi brought together major music industry stakeholders and artists.

Mdundo which was founded in 2012, started by selling music on scratch cards vouchers and later scaled to a free service funded by advertising sales.

This is an exciting milestone for Mdundo. Our Platform currently has 20.3 Million Monthly active users across Africa with 4.9M in Nigeria ,3.7M in South Africa ,2.8M in Kenya and 2.4 M in Tanzania

Mdundo CEO Martin Nielsen

Mdundo CEO Martin Nielsen said the company has grown over the past decade and expanded from Kenya to other regions.

“This is an exciting milestone for Mdundo. Our Platform currently has 20.3 Million Monthly active users across Africa with 4.9M in Nigeria ,3.7M in South Africa ,2.8M in Kenya and 2.4 M in Tanzania,” said Nielsen.

Royalties

Mdundo has so far more than 100,000 African musicians who have created an  account on the platform.

This account allows artist to manage and control their catalog and withdraw their earned royalties.

Mdundo had made payouts of sh 100, 000 ,000 to africans rights holders in the last 10 years

Mdondo CEO

According to Nielsen the company has made Sh.100,000,000 Million pay outs to artists across Africa.

“Mdundo had made payouts of sh 100, 000 ,000 to africans rights holders in the last 10 years ,”said Nielsen.

He also said the company has partnered with Warner Music Group, Universal Music and Believe Digitala record labels for licensing agreements.

Speaking during the event Musician Francis Amisi popularly known as Frasha acknowledged that the evolution of the platform has been helping in grooming of artistes and they looking forward to seeing the platform help the upcoming musicians.

In September 2020 ,the company was listed the Nasdaq first North stock exchange in Copenhagen aiming to get Sh.50 Million monthly active users as well as a positive EBITDA (earnings before taxes, depreciation and amortization) by 2025.

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