Africa’s music industry is booming, propelled by a dynamic, tech-savvy youth and soaring global appeal. The continent’s music scene captures hearts and ears worldwide with innovative technology and vibrant talent.
Digital music platforms like Boomplay, Deezer, Spotify, and Apple Music have transformed Africa’s music industry, expanding access to African music globally. They’ve bridged the geographical gap, allowing African artists to reach a vast audience and enabling music lovers to access a vast library of African music like Afrobeat, Juju and Highlife.
This has led to unprecedented global recognition, lucrative artist revenue streams, and a vibrant music ecosystem. Digital music platforms have significantly contributed to Africa’s creative industries by promoting cultural exchange and economic growth.
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Exploring Africa’s Vibrant Online Music Scene
Due to the growing adoption of mobile technologies and the increasing penetration of the internet, more Africans are able to stream music online and interact with a larger music community.
Also, the global recognition of African musical talent has been remarkable, and 2023 will continue this trend. Africa’s annual music streaming revenues are expected to increase from $92.9 million in 2021 to $314.6 million by 2026.
According to PricewaterhouseCoopers’ report, music streaming will grow significantly across major markets such as South Africa, Kenya, and Nigeria. South Africa’s streaming subscription revenue is anticipated to grow at a 10.5% compound annual growth rate, reaching R1.1 billion ($58.5 million) by 2027.
The growth of creative innovators using technology to revolutionise music consumption and accessibility throughout the African continent has been driven by this anticipated increase.
The Rise of Music Startups in Africa
Below is a list of some of Africa’s high-potential music startups that have successfully raised over $100,000 in funding or partnered with top music companies worth millions.
Anghami
Anghami is a music streaming platform available in Europe and the USA. Across the Middle East and North Africa, over 70 million people have access to over 57 million Arabic and international songs and podcasts.
Anghami, co-founded by Elie Habib and Eddy Maroun, was launched in Beirut in 2012 and relocated to Abu Dhabi in 2021. It raised $63.6 million in its latest round, supported by venture capital firms and strategic investors.
Boomplay
Boomplay, formerly known as Boomplay Music, is a media streaming and download service that Transnet Music Limited created with an emphasis on Africa.
Nigerian music streaming platform Boomplay raised $25.5 million in two rounds, including a Series A in 2019, to support expansion, content acquisition, product optimisation, recruitment, and strengthening Africa’s leading music streaming service.
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Mdundo
The Pan-African music streaming and download platform Mdundo has raised over $7.1 million in seven fundraising rounds, the most recent being an equity crowdfunding round.
Mdundo, a platform providing free access to African songs, raised $6.4 million in an IPO in 2020. It attracted 3,000 investors and served over 5 million users in 15 Sub-Saharan African countries.
Ayoken
Ayoken, founded by Joshua King in 2021, is the first platform to buy exclusive digital collectables and social tokens from musicians, sports brands, creatives, and influencers from Africa and the global diaspora.
The round saw key investors like Founders Factory Africa, Kon Ventures, Crypto League, R9C Ventures, and Maximus Ventures invest in Ayoken, a startup with no recent updates on its growth.
Groove Platforms
Groove Platforms, an African technology company, is transforming the music service value chain to lead Africa into a new era of global competition.
Through innovative technology and strategic partnerships, Groove Platforms empowers artists, enhances fan engagement, and drives industry growth through the uduX Livestream Concert Platform, PopRev, and uduX Music App.
