Home > News > African Music Streaming Service Boomplay Completes $20 Million Series A Funding
African Music Streaming Service Boomplay Completes $20 Million Series A Funding
Date : 2019-03

Boomplay, the largest and fastest growing music streaming service in Africa announces it has completed a USD 20 million Series A funding led by Maison Capital.  The funding will be used to fuel its expansion with focus on product innovation, content acquisition, recruitment plans and to further consolidate its position as the leader in the African market.

Boomplay was first launched in Nigeria in March, 2015 as the default music player of the TECNO Boom J7 music phone by Transsion Holdings. It has now become a fully-fledged independent music streaming service under Transsnet Music Entertainment Group, a joint venture established by Transsion Holdings, the leading mobile phone manufacturer in Africa and NetEase, one of the leading internet technology companies in China. The Boomplay app is currently available for Android, iOS and Web. It offers a freemium service where users can stream for free with advertisements and certain limitations, while additional features, such as offline play and ad-free listening are offered via a paid subscription. As of February, 2019, Boomplay claims to have acquired over 42 million users and host the largest online African music catalogue in the world with 5 million tracks.

After branching out from its parent company Transsion Holdings, Boomplay has never looked back, from being awarded the Best African App by AppsAfrica in 2017, to signing landmark partnerships with both Universal Music in 2018 and Warner Music in January 2019. Boomplay currently has multiple local operations teams in Africa, covering the four largest markets in West and East Africa. (Nigeria, Ghana, Kenya and Tanzania)

Boomplay CEO, Joe He commented: "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. As the last remaining blue ocean market of 1 billion people in the world, we are excited and optimistic for the long-term development of Africa and its music indsutry. We will continue wtih our investment in the region and remain committed to providing a rich and high-quality music experience for all users in Africa. Music has no borders, while we continue to bring music by local and international artistes from all over the world to our users in Africa, we also have the vision and aim of extending the reach of African music to markets around the world through our wide range of partnerships, especially in regions with a large African population such as North America and Western Europe.”

Tony Li, Managing Director of Maison Capital, said: “Historically speaking, from looking at Maison's past investment in long-term industries, the broader opportunity for entreprises with a global perspective,comes from leveraging global resources to serve the global market. Africa is the last billion population market in the world and possesses the youngest age demographic, these factors together with increasing mobile penetration and improving telecommunication networks bring a great sense of optimism for the entire African music industry. Music is one of the most popular and vibrant forms of entertainment in Africa and the entire industry is demonstrating huge potential for further development in the coming years. It’s not a surprise for us to witness Boomplay becoming the dominant player in the region in a very short period of time. Under the leadership of Joe and his Boomplay team, by incorporating NetEase's music streaming experience with Transsion’s local expertise, the distinctive localization operation business model in this vast continent give us confidence and brings excitment for what the future holds.”

With a population of more than 1.3 billion, Africa is the last “billion-level blue ocean market” in the world. By the end of 2018, Africa's Internet penetration rate was 36%, and the number of Internet users reached 460 million, equivalent to that of India. It is expected that the Internet penetration rate in Africa will continue to grow at a high rate in the next five years, adding at least 300 million Internet users. By then, the size of its internet user population will be equal to China’s current situation. Boomplay has laid the foundations for being a major player in this billion-dollar market and is still experiencing exponential growth in user size. Through this round of financing, Boomplay will continue to provide top music services to African music lovers around the world, and strive to expand the user base while remaining at the forefront of music streaming technology.

 

About Boomplay

Boomplay is a music and video streaming and download service developed and owned by Transsnet Music Entertainment Group, which provides online playback and download services for genuine music and video’s for African users. As of February 2019, Boomplay has more than 42 million users, and a music catalogue of 5 million songs. Its partners include global music giants such as Universal Music and Warner Music. The Boomplay service is currently available for Android, iOS and Web. Boomplay aims to create Africa's largest and most reliable digital music ecosystem. For more information, please visit here.

 

About Maison Capital

Established in 2004, Maison Capital is a fund management organization focusing on equity investment business, and on outstanding companies in the growth stage primarily in consumption and technology industries. Historical investment cases include Dajiang Innovation (DJI) and Transsion Holdings.