Watch the news & stories in motion: Subscribe to WeeTracker on YouTube
Africa’s digital music service Boomplay Music announced it has raised USD 20 Mn in funding in Series A.
The China-born company raised the funds to expand its music streaming platform further in the vast African market.
Boomplay’s CEO Joe He revealed that the funds raised will be channeled on content acquisition, recruitment and product optimization, as the music and video streaming platform moves into production, recording artists and the live concert space.
“Our vision is to become not only a music streaming service, but we aim to be the number one player in the whole music ecosystem for African music,” he said.
Chinese investors’ Maison Capital led the funding round, which had Seas Capital participate as well. Reports indicate that there were other strategic investors who took part.
The Transsnet Music Limited owned company was launched in Nigeria in 2015.The platform enables users to stream songs and videos online for free or sign up for one of the platform’s subscription plans, which are available globally but with a focus on Sub-Saharan Africa. The streaming platform operates as an app ‘Boom Player’
Bloomplay has 42 million monthly active users, some 85 percent of which are from the African continent basically in Nigeria, Ghana, Kenya and Tanzania. It is adding an average of 2 million new subscribers every month and currently boasts 44 million app downloads, 5.6 million daily users and the company divulges that it has 5 million tracks.
“We are extremely grateful to Boomplay’s new and past investors for their continued faith and support which has enabled Boomplay to reach this landmark milestone,” said Boomplay CEO Joe He. “Music has no borders, and we’re committed to providing a rich and high-quality music experience for all users – not just in Africa, but around the world. This investment will help us do just that, by fostering cultural interchange and helping people communicate through the universal language of music.”
“Africa is full of opportunity, from its young demographics to its vibrant culture, and Boomplay sits in the middle of all of that greatness,” said Tony Li, Managing Director of Maison Capital. “Boomplay has incorporated NetEase’s experience in the music streaming business with Transsion’s expertise in local operations, and in doing so Boomplay became the dominant player in the region in a very short period of time. As more of Africa comes online, we are confident that Boomplay will continue to be a major force in business and culture.”
Found the article interesting ? Follow us on Twitter to see what others are saying about it.
9500+ subscribers are getting our free newsletter on African technology, startups and innovators bi-weekly.
Made with ❤ in Africa