The African music industry is experiencing a remarkable surge, driven by the growing global popularity of African music and the rapid adoption of digital platforms. As the continent’s young, tech-savvy population embraces music streaming, a new generation of innovative startups is emerging to meet the demand.
According to industry reports, Africa’s annual music streaming revenues are expected to increase from $92.9 million in 2021 to a staggering $314.6 million by 2026. This projected growth has captured the attention of investors, who are pouring resources into high-potential music startups across the continent.
One such startup is Anghami, a music streaming platform that has become a dominant player in the Middle East and North Africa (MENA) region. Co-founded by Elie Habib and Eddy Maroun in 2012, Anghami has since grown to serve over 70 million users across MENA, Europe, and the United States, providing access to more than 57 million Arabic and international songs, as well as podcasts.
In a strategic move, Anghami recently relocated its headquarters to Abu Dhabi, UAE, as part of the Abu Dhabi Global Market (ADGM) initiative, backed by the Abu Dhabi Investment Office (ADIO). This decision has opened up new opportunities for the company,
As it continues to attract investments from prominent venture capital firms and strategic shareholders, including Middle East Venture Partners (MEVP), Saudi Arabia’s MBC Group, Saudi Telecom’s Mobily, UAE Telecom’s Du, SHUAA Capital, Samena Capital, Megladon, and U.S.-based Endeavor and Sal&Co.
In its latest funding round, Anghami raised a remarkable $63.6 million through post-IPO equity, solidifying its position as a leading player in the MENA music streaming landscape.
But Anghami is not the only African music startup making waves. Across the continent, a new generation of entrepreneurs is leveraging technology to transform the way people access and enjoy music.
One such example is Boomplay, a music streaming and download service that has become a dominant force in the African market. Boomplay boasts an impressive library of over 50 million songs and has partnered with major record labels, including Universal Music Group and Sony Music Entertainment, to bring African music to a global audience.
Similarly, Deezer, a French music streaming service, has recognized the immense potential of the African market and has expanded its operations to several countries on the continent, including South Africa, Nigeria, and Kenya.
These startups are not only transforming the music industry but also creating new opportunities for African artists to reach a wider audience and monetize their work. By leveraging cutting-edge technology and fostering strategic partnerships, these companies are positioning Africa as a hub for music innovation and growth.
As the African music industry continues to evolve, the influx of investments and the proliferation of music startups serve as a testament to the continent’s vibrant and diverse musical landscape. With the support of investors and the growing demand for African music globally, these startups are poised to lead the charge in redefining the future of the music industry in Africa.
