Africa has long been considered a sleeping giant in the world of technology, but the continent’s music industry is now attracting attention from music tech startups looking to tap into a new market.
African Music Industry Set to Reach $1.5 Billion, Attracting Start-Ups
The African music industry is rapidly growing and is expected to reach a market size of $1.5 billion by 2022. The increasing popularity of African music globally, combined with a growing middle class and a young, tech-savvy population, makes Africa an attractive market for music tech startups.
One of the key reasons for Africa’s growth is the rise of digital music platforms such as Boomplay, Deezer, Spotify, and Apple Music, which are increasing the accessibility of African music to a global audience. Additionally, mobile technology and internet penetration are expanding across the continent, allowing more people to access music online and connect with other music fans.
Startups like Mdundo, a Kenyan-based music streaming service, are taking advantage of this growth. Mdundo has over 6 million monthly active users, and offers a platform for African artists to share their music and reach a wider audience. The company’s success has attracted investment from international music companies, such as Warner Music Group.
Another startup, BusyWorks Beats, is a music production software designed to help musicians create and sell their music online. Based in Nigeria, the company is capitalizing on the growing demand for digital music production tools in Africa, and has already gained a significant following.
Young and Tech-Savvy Africa: A Lucrative Market for Music Tech Start-Ups
Music tech startups are also benefiting from the supportive business environment in Africa. Governments are increasingly recognizing the potential of the music industry to create jobs and drive economic growth, and are investing in initiatives to support local talent and businesses.
In conclusion, Africa’s rapidly growing music industry, combined with a young, tech-savvy population and supportive business environment, makes it an attractive market for music tech startups. With the continued growth of digital music platforms and increasing access to technology, the potential for growth in the African music market is huge, and startups are well positioned to take advantage.
