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Boomplay Music, Transsionand NetEase‘s music streaming service has raised $20 million to fuel its continued expansion in Africa through content acquisition, product optimization and recruitment in its key growth markets in Nigeria, Ghana, Kenya and Tanzania.
The Series A funding was led by Maison Capital and followed by Seas Capital and other strategic investors.
“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,” said Boomplay CEO Joe He. “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.”
Working with global partners such as Universal Music and Warner Music, Boomplay currently 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 has acquired over 42 million users and hosts the largest online African music catalogue in the world with 5 million tracks.
“Africa is full of opportunity, from its young demographics to its vibrant culture, and Boomplay sits in the middle of all of that greatness,” said Tony Li, Managing Director of Maison Capital. “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.”
Boomplay began as the default music player of the TECNO Boom J7 music phone in Nigeria in 2015 and is a wholly-owned subsidiary of the JV between Transsion Holdings and Chinese Internet tech leader NetEase.
