The company is presenting a solid half-year report with steep growth in monthly active users reaching 30.8 million. The company had a slight overall decline in revenue however with a steep growth in subscriber revenue of 48% and an improved EBITDA of 21% compared to the same period last year.
Company Announcement Number 03-2024
The company is hereby releasing the half-year report for the period 1st July to
Consistent growth in Monthly Active Users
At the end of the half-year period, the company had 30.8 million unique monthly active users (MAU), representing an increase of 16% since
Steep growth in subscription revenue and development towards positive EBITDA
Total revenue for the period was
DKK 5.7 million down by 12% compared to the same period last year, however the revenue from the subscription service has improved by 48% toDKK 3.1 million , up fromDKK 2.1 million in the same period last year. Mdundo has increased revenue from the paid service from none in the year 2019/2020 to 55% of the total revenue in 1h 2023/24.There was a decline in advertising revenue of 41% in comparison to the same period last year from
DKK 4.3 million toDKK 2.5 million . The company entered into a reseller agreement with an established South African partner, a delayed and unsatisfactory execution of the agreement has resulted in significantly lower results than expected. Mdundo.com's view of the earning potential and our unique advertising product in the African markets is unchanged.For the period the company improved EBITDA by 21% to negative
DKK 3.3M , up from negative 4.2M in the same period last year. The milestone is in-line with our 2025 goal of reaching EBITDA positive.Cash-burn was limited to
DKK 2.1 million in 1H 2023/24
Throughout the period the company has launched a number of marketing campaigns with the objective of brand building and activating the service across the key markets. A number of campaigns are executed in partnership with our telecommunication partners including two campaigns with
New strong team members joining Mdundo to support continued growth
Within the half year a number of strong individuals has joined the Mdundo team on our mission to reach 50 million monthly active users and be EBITDA positive by 2025:
Mark Ndungu , Chief Operating Officer.Israel Oladipupo Ogunseye , Senior Marketing & Partnerships Manager,West Africa .Tobechukwu Otuokere, Senior Product Owner.
Jaikaran Sawhny , Board Member (elected in January 2024).
Development in activities and financial matters
The revenue for the period totals
Expected Developments
Mdundo expects growth in revenue from
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
- Mdundo Report - H1 23-24.pdf
© Ritzau Denmark, source