“Media24 is constantly on the lookout for opportunities to provide an enriched and engaging user experience to the largest digital audience in the country, such as NicheStreem’s first product, Liedjie, which is aimed at the Afrikaans music streaming market,” said Andreij Horn, head of 24.com,
NicheStreem specialises in building music streams for niche audiences in emerging markets with their first stream being that of Afrikaans music, named Liedjie.
The service now has over 40,000 music tracks, 1,000 human curated playlists and 11,000 registered users, with combine B2B and B2C revenues of US$200,000 generated thus far. It is available on Android and iOS for R49.99 per month.
The investment by Media24 is not the first that NicheStreem have received, they previously raised $250,000 in January 2015 in an angel investment round from both South African and international investors.
With Media24's investment it also likely goes without saying that as part of the investment we are likely to see the Naspers media company using its platforms to promote NicheStreem's Liedjie and likely increasing its paying subscribers. NicheStreem have also indicated that they intend to use the Media24 funding to try and reach break-even point.
“As part of this, we invest in local teams and startups that are adjacent to our core. It’s early days, but we are excited about the partnership and the positive reaction it sees across our channels.” explained Andreij Horn, head of 24.com,