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.
Ayoken, founded by Joshua King in 2021, is the first platform dedicated to buying exclusive digital collectibles and social tokens from musicians, sports brands, creatives, and influencers from Africa and the global diaspora. The platform launched its NFT marketplace after raising $1.4 million in a pre-seed funding round in 2022.
Key investors in this round included Founders Factory Africa, Texas-based Kon Ventures, European-based Crypto League, Ghana-based R9C Ventures, and Maximus Ventures. Since the 2022 fundraising, Ayoken has remained relatively under the radar, with no recent updates on its growth or development.
