Music and Entertainment

Boomplay Taking Africa By Storm

Boomplay, a service that was founded by Transsnet has raised more than $20 million in outside funding as it seeks to break into many more sub-Saharan countries and continue to build its rapidly-growing database of music tracks.

The company currently has more than 5 million music videos and tracks on its platform, with significant emphasis on home-grown African artists.

Boomplay has over 42 million active monthly users. Eighty-five percent of those users are on the African continent mainly Ghana, Nigeria, Tanzania and Kenya. The music streaming service is adding an average of about 2 million users every month which is a combination of free and paid and subscribers.

The outside funding is being provided by the Chinese investors Maison Capital together with Seas Capital and a few other undisclosed investors. Boomplay has not publicly disclosed its valuation, but, the head of international partnerships at Boomplay, Phil Choi confirmed that the valuation had gone up over the past year and that the music streaming company had raised approximately $25.5 million to date.

Choi added that Boomplay’s board feels that it is better to be a stable company that works at a slower pace rather than taking on a lot more funding and going too fast.


Credit: This article originated from www.nextvafrica.com





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