African Music Bops Help Boomplay Raise $20 Million

By CultureBanx Team

  • Africa’s Boomplay raised a $20M Series A round

  • Boomplay reaches 44 million active users

CBx Vibe:Soco” Starboy Feat. Wizkid

Boomplay, Africa’s top streaming platform owned by Transsion has just closed a $20 million Series A funding round, for content acquisition, recruitment and product optimization. Music across the continent is widely fragmented but remains one of the last true growth opportunities in the world. This begs the question: is Boomplay’s long term play to get acquired by streaming giants like Spotify (SPOT -0.28%) or Apple Music (AAPL -0.36%)?

Why This Matters: The success of streaming has attracted lots of new investment and longtime owners have seen an opportunity to cash out. Much of Boomplay’s growth is due to the streaming service coming pre-installed on Transsion smartphones, which are the best selling ones in the continent. This strategy has allowed Boomplay to quickly reach 44 million active users. By comparison Spotify and Apple music have 200 million and 56 million active users.

Angola’s Unitel Board Wants to Oust Africa’s Richest Woman

By CultureBanx Team

  • Isabel dos Santos owns a 25% stake in Unitel

  • Other shareholders want to cut down on the influence of dos Santos

CBx Vibe:We Ain’t Homies” Arin Ray Feat. YG

Africa’s richest woman Isabel dos Santos has been re-elected to the board of Unitel, Angola's biggest telecommunications company. The decision comes after speculation that dos Santos could have been ousted due to a shareholder dispute.

Why This Matters: Ownership of Unitel is split equally between Isabel dos Santos, Oi, Sonangol and Leopoldino do Nascimento, each has a 25% stake in the company. Sonangol recently started making waves on the board by hinting at possibly selling its stake, and wanted to cut down the influence dos Santos had at the company.

Zimbabwe’s New Currency Exacerbates Poverty

By CultureBanx Team

  • Zimbabwe's central bank introduced a new currency called RTGS dollars

  • In 2009, the Zimbabwean dollar was destroyed due to hyperinflation

CBx Vibe:Left Da Bank” Zaytoven

Zimbabwe's central bank decided to introduce yet another currency into its already crippled financial system. The country recently started trading a sharply discounted replacement currency called RTGS, as they attempt to ease a cash shortage that has paralyzed the economy and forced millions deeper into poverty.  

Why This Matters: John Mangudya, Zimbabwe’s central bank chief perhaps views this as a safer and less risky bet after the Zimbabwean dollar was destroyed in 2009 due to hyperinflation. The BBC reported at its height prices were almost doubling every day and the central bank printed notes worth 100 trillion Zimbabwe dollars to try and keep up. The RTGS dollar is supposed to bring together bond notes, debit cards and mobile payments to make sure that they are all worth the same.