Despite having millions of active users, Kenyan music platform Mdundo has only acquired 1,500 direct paying subscribers in Africa since launching its premium tier in late 2025, highlighting monetization challenges.

• Mdundo needs approximately 20,000 direct paying subscribers to break even.
• The company is seeking up to DKK 10.2 million (approximately KES 207 million) through a rights issue to fund operations and product development.
• While direct subscriptions are low, Mdundo still operates a larger telco-driven subscription business with 8.1 million transactions in Q3 FY 2025/26.