Chinese music streamer Boomplay targets Kenya on raising Sh2bn
A Chinese-owned music and video streaming service has raised Sh2 billion ($20 million) for investment in Kenya and three other African countries.
The new investments by Boomplay will be in content acquisition, product improvement as well as staff recruitment. Some of the content is offered for free with advertising while premium content is paid for but is ad-free.
The streaming company, a subsidiary of Transsnet Music Entertainment Group, which manufactures smart devices and provides mobile value-added services.
“, the largest and fastest-growing music streaming service in Africa, today announced that it has raised $20 million in Series ‘A’ (initial) funding led by Maison Capital and followed by Seas Capital and other strategic investors,” said the company in a statement.
Maison Capital is a fund management organisation focusing on equity investment business especially outstanding companies in the growth stage and in consumption and technology industries. Seas Capital is a newly founded venture capital firm that focuses on innovation investments.
“The funding (raised) will be used to fuel Boomplay’s continued expansion, with a focus on content acquisition, product optimisation, recruitment, and a further consolidation of its position as the leader in the African market,” the company said.
It said it had 42 million users and hosts an online music catalogue with five million tracks as of February this year.
Boomplay was voted Best African App by technology advisory firm AppsAfrica in 2017 and since then has signed partnerships with Universal Music and Warner Music. Boomplay is currently in the four largest markets in West and East Africa including Nigeria, Ghana, Kenya and Tanzania.
The Boomplay service is currently available for Android, iOS and Web. The firm aims to build Africa’s largest digital music ecosystem.