The African music industry is experiencing rapid growth, with the continent’s music scene buoyed by increasing global popularity among a young, tech-savvy population.
Digital music platforms like Boomplay, Deezer, Spotify, and Apple Music have played a key role in Africa’s growth, expanding access to African music on a global scale.
The widespread adoption of mobile technology and rising internet penetration further enable more Africans to stream music online and engage with a broader music community.
Also, the global recognition of African musical talent has been remarkable, with 2023 continuing this trend. Africa’s annual music streaming revenues are expected to increase from $92.9 million in 2021 to $314.6 million by 2026.
According to PricewaterhouseCoopers’ report, there will be significant growth in music streaming across major markets such as South Africa, Kenya, and Nigeria, with South Africa’s streaming subscription revenue anticipated to grow at a 10.5% compound annual growth rate, reaching R1.1 billion ($58.5 million) by 2027.
This projected increase has fueled the rise of innovative startups leveraging technology to transform music access and enjoyment across the continent.
Below is a list of some of Africa’s high-potential music startups that have successfully raised over $100,000 in funding or partnered with top music companies worth millions of dollars.
Anghami, a music streaming platform in the Middle East and North Africa, provides over 70 million users across MENA, Europe, and the USA with access to more than 57 million Arabic and international songs, and podcasts.
Co-founded by Elie Habib and Eddy Maroun, Anghami launched in November 2012 in Beirut, Lebanon. In 2021, the company moved its headquarters to Abu Dhabi, UAE, as part of the Abu Dhabi Global Market (ADGM) initiative, supported by the Abu Dhabi Investment Office (ADIO).
Anghami is backed by 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 $63.6 million through post-IPO equity and currently employs between 51 and 200 staff.