The music industry in Africa is experiencing an unprecedented boom with startups raking in millions through the global acceptance of Afrobeats, Afropop and other Afrocentric genres of music.
Digital music distributors like Deezer, Spotify and Boomplay have given platform and easy accessibility to music made in Africa.
9AM News Nigeria among other reasons attributes this boom to the wide penetration of internet service into previously underserved African communities which has given platform to young musical talents to exhibit their craft helping them bag huge fanship and followership from far and wide across the globe.
Also, more Africans are now able to stream music online, interact with music promoters globally and secure foreign investments in the African music industry.
The remarkable rise of African music in 2023 has continued in 2024 seeing revenues from music streaming increase from $93 million in 2021 to about $200 million in 2024.
According to a report from PricewaterhouseCoopers obtained by 9AM News Nigeria, music streaming is expected to maintain a steady growth across music markets in Africa such as Nigeria, South Africa, Kenya and Ghana. In South Africa it envisaged a 10.5% growth rate annually which would reach $59 million by year 2027.
The current boom and anticipated growth has attracted hoard of startups attempting to take advantage of the opportunity to foster music availability to the teeming global population.
Some notable music startups that got massive funding:
Anghami
A popular music platform operating in North Africa and the Middle East with a subscribers base of 70 million and a music list of over 57 million songs in both Arabic and other international languages.
Founded by Eddy Maroun and Ellie Habib, started operating in 2013 in Lebanon but relocated its headquarters to UAE in order to enjoy support and funding from the Abu Dhabi investment scheme known as the Abu Dhabi Global Market Initiative (ADGM).
It enjoys backing from partners like Middle East Ventures Partners, Saudi Telecoms Mobility, SHUAA Capital, Samena Capital, Megladon, Sal&Co and others.
It has enjoyed funding of up to $63.5 million and has a staff strength of up to 200.
Boomplay
Boomplay has raised $25 million in funding. Its most recent funding was in 2019 from Maison Capital from which it secured $20 million. The company aims to utilize the funds for expansion, music rights acquisitions and onboarding of skilled professionals to help enhance its operations.
Mdundo
Founded in 2013 by Martin Nielson, the company in 2020 raised $6.5 million in funding after its listing at the Danish Stock Exchange, attracting 3000 investors.
In operates in 14 Sub-Saharan countries including Nigeria, Tanzania, Ghana, South Africa, Zambia, Zimbabwe, Kenya, Uganda etc.
Ayoken
Ayoken was founded by Joshua King in2021. It secured $1.5 million in seed funding in 2022 from investors like Kon Ventures, R9C Ventures, Maximu Ventures and Founders Factory Africa.
likewise, The company has performed relatively below par with no new development or growth ever since.
Groove
Launched in early 2020 by Chidi Okeke. Groove secured mouthwatering deals with Universal Music Group, Warner Music and Sony Music Group becoming the first African streaming platform to achieve such an enviable feat.
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