The board of Mdundo.com A/S has approved the company's annual report for the period
Company Announcement number 4-2023
Mdundo.com stands at the forefront of the Sub-Saharan Africa's music streaming evolution. As the region embarks on an unprecedented digital journey, we've harnessed the power of connectivity to transform the music experience for millions towards our vision of providing
Highlight Summary: Building a leading music service for
Steep Revenue Growth and EBITDA improvement: 74% growth YOY from
DKK 7.2 million to 12.6 million (compared toDKK 13-16 million in guidance), EBITDA has improved 3.5% from last financial year to minusDKK 7.8 million and is in line with guidance. Despite strong growth, on the revenue side Mdundo.com was affected by a significant weakening of the Nigerian naira late in the financial year and an approx. 25% weakening of the Kenyan shilling over the financial year.Exceeding User Growth:Monthly active users reached 26.6 million, surpassing the yearly target of 25 million and revised guidance of 26 million.
Premium Offering: Subscription revenue grew 239% to
DKK 4.4 million , comprising 35% of total revenue.Advertising Offering: Advertising revenue grew by 37% to
DKK 8.3 million , campaigns executed for leading global brands.Cash Position:
DKK 15.5 million in the bank, which corresponds to 43% of the total net proceeds from the listing on Nasdaq First North in 2020 ofDKK 36 million . In the financial year the cash position was reduced byDKK 6.8 million , the company is working towards a positive EBITDA byJune 2025 .Ambitious Goals: Pursuing 50 million monthly active users and EBITDA positive operation by 2025.
Guidance for FY 2023-24:
User Growth Anticipated: Projecting 32% increase in monthly active users to 35 million by end of the financial year.
Revenue Growth: Aiming for
DKK 17-21 million , reflecting 35-66% growth from last year.EBITDA Improvement: Targeting
DKK -6.5 to -7.5 million, showcasing an improvement of up toDKK1.3 million .
Investing in user and revenue growth with an eye on being EBITDA positive by year 2025
Mdundo.com is investing in user and revenue growth with a strong focus on long-term financial sustainability. As a result, the service has reached a total of 26.6 million monthly active users and a yearly revenue of
Progress towards 2025 Strategy:
Mdundo.com remains on track to achieve its ambitious 2025 strategy, which centers on reaching 50 million monthly active users and achieving a positive EBITDA operation.
Focus on
Nigeria ,Kenya ,Tanzania ,Ghana , andSouth Africa : These key markets encompass a combined population of 422 million people, approximately 35% of Sub-Saharan Africa's population. They offer substantial growth opportunities due to high internet penetration rates and robust economic development. InJune 2023 , these markets accounted for 15.0 million of Mdundo's 26.6 million monthly active users.Focus on driving value per user through telco and premium products:Mdundo.com has established music packages in collaboration with prominent telecommunications providers, including
Vodacom inTanzania , Airtel inNigeria , and MTN inNigeria ,Ghana , andSouth Africa . These partnerships collectively reach an extensive customer base of 185 million people, enabling Mdundo.com to address the low usage of payment cards inAfrica and deliver enhanced value to its users.Focus on delivering locally relevant service and content: Mdundo.com places a strong emphasis on providing locally relevant service and content, acknowledging the significance of cultural diversity and local preferences. The platform curates a diverse range of music from various genres and local artists, ensuring an engaging and relevant experience for its users. The company has previously announced that approximately 80% of all music consumed within the focus markets is African catalog and that the service is approaching 500,000 African songs directly uploaded to the service by +140,000 African creators.
Contacts
- Jesper Vesten Drescher, Bestyrelsesformand/Chairman of the board, +4523229900, ir@mdundo.com
About Mdundo.com A/S
Mdundo is a leading music service for
Mdundo.com A/S
Jagtvænget 2
2920 Charlottenlund
www.mdundo.com
Certified Adviser
Ewaldsgade 9
2200 København N
+45 89 88 78 46
www.kaptalpartner.dk
Attachments
- Download announcement as PDF.pdf
- 20230925 - Mdundo Annual Report - FY 22-23.pdf
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