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Business News Digital
African streaming service Boomplay raises another $20 million
By Chris Cooke | Published on Monday 8 April 2019
Boomplay, the streaming service that seems to be gaining the most momentum in some key African markets, last week announced that it had raised $20 million in finance from the likes of Maison Capital and Seas Capital. The new cash pile will be used to fund continued expansion of the service and to sign new licensing deals with the music industry.
Boomplay, with its freemium and premium packages, says it now has 42 million users. Having initially focused on signing up domestic repertoire in its priority markets, in the last year the company has also signed licensing deals with Universal and Warner.
Confirming the new investment money, the firm’s CEO Joe He said: “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. 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”.
The Boomplay business is now a wholly-owned subsidiary of Chinese tech firms Transsion Holdings and NetEase, the latter best known in music circles for its own China-based streaming service NetEast Cloud Music. The lead investor on the new finance round, Maison Capital, is also based out of China.
It’s MD, Tony Li, said: “Africa is full of opportunity, from its young demographics to its vibrant culture, and Boomplay sits in the middle of all of that greatness. 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”.
