Exhibit 15.1





UNAUDITED PRO
FORMA CONDENSED COMBINED FINANCIAL STATEMENTS



Introduction



The pro forma financial statements
combine the historical financial statements of Modern Media Acquisition Corp. (“MMAC”) and the historical consolidated
financial statements of Akazoo Limited (“Akazoo”) to illustrate the effect of the transactions contemplated by the
business transaction agreement, dated as of January 24, 2019 (as amended, the “Business Transaction Agreement”),
which provided for a business combination (the “Business Combination”) between MMAC and Akazoo.



The following unaudited pro forma combined
statement of financial position as of December 31, 2018 combines the audited consolidated balance sheet of Akazoo as of December 31,
2018 with the unaudited balance sheet of MMAC as of December 31, 2018.



The following unaudited pro forma combined
statement of profit or loss for the year ended December 31, 2018 combines the audited consolidated statement of profit or
loss of Akazoo for the year ended December 31, 2018 with the unaudited statement of operations of MMAC for the four quarterly
periods ended December 31, 2018. The statement of operations of MMAC for the four quarterly periods ended December 31,
2018 was determined by adding MMAC’s unaudited condensed statement of operations for the nine months ended December 31,
2018 to MMAC’s audited statement of operations for the fiscal year ended March 31, 2018, and subtracting MMAC’s
unaudited condensed statement of operations for the nine months ended December 31, 2017.



The pro forma financial statements
should be read in conjunction with the accompanying notes. In addition, the pro forma financial statements were based on and should
be read in conjunction with the following historical financial statements and the accompanying notes, which are included in this
proxy statement/prospectus:



| | • |  | historical audited consolidated financial statements of Akazoo for the years ended December 31, 2018, 2017 and 2016; and
| | - |  | ------------------------------------------------------------------------------------------------------------------------



| | • |  | historical audited financial statements of MMAC for the years ended March 31, 2018, 2017 and 2016.
| | - |  | --------------------------------------------------------------------------------------------------



The historical financial statements
of Akazoo have been prepared in accordance with IFRS as issued by the International Accounting Standards Board (“IASB”)
and in its functional and presentation currency of the Euro. The historical financial statements of MMAC have been prepared in
accordance with GAAP in its functional and presentation currency of United States dollars. The financial statements of MMAC have
been translated into Euros for the purposes of presentation in the unaudited pro forma condensed combined financial information
using the following exchange rates:



| | • |  | at the period end exchange rate as of December 31, 2018 of $1.1456 to € 1.0000 for the statement of financial position; and
| | - |  | ---------------------------------------------------------------------------------------------------------------------------



| | • |  | the average exchange rate for twelve-month period ended December 31, 2018 of $1.1817 to € 1.0000 for the statement of operations.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------





These pro forma financial statements
are for informational purposes only. They do not purport to indicate the results that would actually have been obtained had the
transactions contemplated by the Business Transaction Agreement and the proposed related financing transactions been completed
on the assumed date or for the periods presented, or which may be realized in the future. The pro forma adjustments are based on
the information currently available and the assumptions and estimates underlying the pro forma adjustments are described in the
accompanying notes. Actual results may differ materially from the assumptions within the accompanying unaudited pro forma condensed
combined financial information.



Description of the Transactions



The Business Transaction Agreement
provides for various steps whereby MMAC, Akazoo, Unlimited Music S.A., a Luxembourg public limited company (société
anonyme) (“LuxCo”), and Modern Media Acquisition Corp. S.A., a Luxembourg public limited company (société
anonyme) (“PubCo”) engaged in a multi-step Business Combination transaction pursuant to which, in accordance with the
DGCL and the Luxembourg Company Law, as applicable, (a) MMAC merged with and into PubCo with PubCo remaining as the surviving
entity pursuant to which the stockholders of MMAC received PubCo Ordinary Shares on a 1-for-1 basis, (b) LuxCo acquired the
entire issued share capital of Akazoo in a share for share exchange by issuing on a 100-for-1 basis LuxCo ordinary shares to the
Akazoo equityholders, and (c)  LuxCo merged with and into PubCo in accordance with the Luxembourg Company Law, with PubCo
remaining as the surviving entity, and as a result of which the shareholders of LuxCo were issued PubCo Ordinary Shares and PubCo
remained a publicly traded company.













In connection with the Business Combination,
on September 11, 2019, Pubco sold units consisting of an aggregate of 6,514,773 shares and warrants exercisable for 4,740,768 shares
to accredited investors for $40.6 million. An additional 2,579,232 warrants were issued to the Akazoo shareholders for a total
of 7,320,000 ordinary shares issuable upon exercise of warrants. The warrants are exercisable at a price of $9.20 per share and
expire 5 years from closing of the business combination.



249,460 Ordinary Shares were also issued in connection with
the private placement offering to certain creditors of MMAC in lieu of cash payment by Pubco of amounts owed to them. Such Ordinary
Shares were issued to those creditors at a rate of $8.00 per Ordinary Share.



In addition, 625,000 Ordinary Shares were issued to certain
service providers, underwriters and placement agents of MMAC, at a rate of $8.00 per Ordinary Share.



Furthermore, in connection with the
Business Combination and the private placement offering, certain Securityholders of Pubco forfeited an aggregate of 2,600,000 Ordinary
Shares and such Ordinary Shares were cancelled by Pubco.



Accounting for the Transactions



The Transactions is being accounted
for as a “reverse merger” in accordance with IFRS. Under this method of accounting, is treated as the “acquired”
company for financial reporting purposes. This determination was primarily based on the fact that the former shareholders of Akazoo
have a majority of the voting power of PubCo, that the business of Akazoo will comprise the ongoing operations of PubCo, that persons
designated by Akazoo comprise a majority of the governing body of PubCo, and that Akazoo’s senior management comprise the
senior management of PubCo. Accordingly, for accounting purposes, the transactions will be treated as the equivalent of Akazoo
issuing shares for the net assets of MMAC, accompanied by a recapitalization. The net assets of MMAC will be stated at historical
cost, with no goodwill or other intangible assets recorded. Operations prior to the Transactions will be deemed to be those of
Akazoo.



Basis of Pro Forma Presentation



The historical financial information
has been adjusted to give pro forma effect to events that are related and/or directly attributable to the transactions, and are
factually supportable and are expected to have a continuing impact on the results of PubCo. The adjustments presented on the pro
forma financial statements have been identified and presented to provide relevant information necessary for an accurate understanding
of PubCo upon the consummation of the transactions.



The pro forma financial statements
are presented for illustrative purposes only. The financial results may have been different had MMAC and Akazoo been

combined for
the referenced periods. You should not rely on the pro forma financial statements as being indicative of the historical results
that would have been achieved had MMAC and Akazoo been combined for the referenced periods or the future results that PubCo will
experience. Akazoo and MMAC have not had any historical relationship prior to the Transactions. Accordingly, no pro forma adjustments
were required to eliminate activities between the companies.



The historical financial information
of MMAC has been adjusted to give effect to the differences between GAAP and IFRS as issued by the IASB for the purposes of the
pro forma financial statements. No adjustments were required to convert MMAC’s financial statements from GAAP to IFRS for
purposes of the combined unaudited pro forma financial information, except to classify MMAC’s common stock subject to redemption
as non-current liabilities under IFRS. The adjustments presented in the pro forma financial statements have been identified
and presented to provide relevant information necessary for an accurate understanding of PubCo after giving effect to the Transactions.















|PRO FORMA CONDENSED COMBINED STATEMENT OF FINANCIAL POSITION AS OF DECEMBER 31, 2018
|------------------------------------------------------------------------------------
|(UNAUDITED)                                                                         
|(in Euro thousands, except per share amounts)                                       





|                                                 |  | MMAC         |         |  | Akazoo        |  |          | Pro
    Forma |    
|------------------------------------------------ |  | ------------ | ------- |  | ------------- |  | -------- | ------------- | ---
|                                                 |  | MMAC
    (A) |         |  | Pro
    Forma |  |          | MMAC          |    
|                                                 |  | Historical   |         |  | Adjustments   |  |          | Pro
    Forma |    
|Assets                                           |  |              |         |  |               |  |          |               |    
|Marketable
    securities held in Trust Account  |  |              | 185,227 |  |               |  | (172,682 | )             | (5)
|                                                 |  |              |         |  |               |  |          |               |    
|Property and equipment,
    net                  |  |              | -       |  |               |  | -        |               |    
|Intangible assets net                            |  |              | -       |  |               |  | -        |               |    
|Trade and other debtors                          |  |              | -       |  |               |  | -        |               |    
|Non-current assets                               |  |              | 185,227 |  |               |  | (172,682 | )             |    
|Trade receivables,net                            |  |              | -       |  |               |  | -        |               |    
|Prepaid expenses and other
    current assets    |  |              | 10      |  |               |  | -        |               |    
|Cash                                             |  |              | 259     |  |               |  | 172,682  |               | (5)
|                                                 |  |              |         |  |               |  | (172,682 | )             | (5)
|                                                 |  |              |         |  |               |  |          |               |    
|                                                 |  |              |         |  |               |  |          |               |    
|Total current assets                             |  |              | 269     |  |               |  | -        |               |    
|Total assets                                     |  |              | 185,496 |  |               |  | (172,682 | )             |    
|Equity                                           |  |              |         |  |               |  |          |               |    
|Common Stock                                     |  |              | 1       |  |               |  | -        |               |    
|Additional paid in capital                       |  |              | 2,455   |  |               |  |          |               |    
|                                                 |  |              |         |  |               |  |          |               |    
|                                                 |  |              |         |  |               |  |          |               |    
|                                                 |  |              |         |  |               |  |          |               |    
|Accumulated other comprehensive
    income       |  |              | -       |  |               |  | -        |               |    
|Retained earnings (accumulated
    deficit)      |  |              | 1,908   |  |               |  | -        |               |    
|                                                 |  |              |         |  |               |  |          |               |    
|Non-controlling interests                        |  |              | -       |  |               |  | -        |               |    
|Total equity                                     |  |              | 4,364   |  |               |  | -        |               |    
|Liabilities                                      |  |              |         |  |               |  |          |               |    
|Deferred underwriting fee
    payable            |  |              | 6,796   |  |               |  | -        |               |    
|Deferred legal fee                               |  |              | 262     |  |               |  | -        |               |    
|Pension liability                                |  |              | -       |  |               |  | -        |               |    
|Common stock subject to
    possible redemptions |  |              | 173,902 |  |               |  | (172,682 | )             | (5)
|Non-current liabilities                          |  |              | 180,960 |  |               |  | (172,682 | )             |    
|Accounts payable                                 |  |              | 169     |  |               |  | -        |               |    
|Promissory note - related
    party              |  |              | -       |  |               |  | -        |               |    
|                                                 |  |              |         |  |               |  |          |               |    
|Distribution liability                           |  |              | -       |  |               |  | -        |               |    
|Loan and interest payable                        |  |              | -       |  |               |  | -        |               |    
|Income taxes payable                             |  |              | 3       |  |               |  | -        |               |    
|Total current liabilities                        |  |              | 172     |  |               |  | -        |               |    
|Total liabilities                                |  |              | 181,132 |  |               |  | (172,682 | )             |    
|Total liabilities
    and stockholders' equity   |  |              | 185,496 |  |               |  | (172,682 | )             |    



(A) Derived from Balance Sheet as of December
31, 2018.



(B) Derived from the audited consolidated
statement of financial position of Akazoo as of December 31, 2018.





(1) To reflect
the funding by Founders of $2.0 million (approximately €1.7 million) in order to extend the date by which MMAC has to consummate
a business combination. Founders to be issued 249,460 additional shares of MMAC Common Stock at $8.00 per share price of PIPE
financing. Founders also agreed to forfeit 2,600,000 shares of MMAC Common Stock in connection with the Business Combination.















(2) To reflect the release of cash from
investments held in the trust account.



(3) To reflect the payments of MMAC’s
accounts payable, income taxes payable and promissory note-related party and the conversion of the loan and interest payable into
Ordinary Shares.



(4) To reflect the payment of estimated
legal, financial advisory and other professional fees related to the Business Combination.



(5) To reflect the actual redemption of
shares of MMAC Common Stock (including Second Extension – subsequent to December 31, 2018).



(6) To reflect a PIPE financing of $40.6
million (approximately € 35.5 million). The PIPE issuance is for 6,514,773 shares, which includes shares of MMAC Common Stock
“sweetener”.



















|PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS       
|-----------------------------------------------------------
|YEAR ENDED DECEMBER 31, 2018                               
|(in Euro thousands, except per share and per share amounts)



|                                                         |  |          |       |   |                     |  |             | Pro Forma              | 
|-------------------------------------------------------- |  | -------- | ----- | - | ------------------- |  | ----------- | ---------------------- | 
|                                                         |  | MMAC (A) |       |   | Akazoo 
Limited (B) |  |             | Pro Forma
 Adjustments | 
|Net sales                                                |  |          | -     |   |                     |  | 104,837     |                        | 
|Cost of operations                                       |  |          | (537  | ) |                     |  | (81,454     | )                      | 
|Gross profit                                             |  |          | (537  | ) |                     |  | 23,383      |                        | 
|Operating expenses                                       |  |          |       |   |                     |  |             |                        | 
|Other operating income                                   |  |          | -     |   |                     |  | 8           |                        | 
|Selling, general and administrative expenses             |  |          | -     |   |                     |  | (12,687     | )                      | 
|Depreciation and amortisation                            |  |          | -     |   |                     |  | (5,464      | )                      | 
|Operating profit                                         |  |          | (537  | ) |                     |  | 5,240       |                        | 
|Interest and financing costs                             |  |          |       |   |                     |  |             |                        | 
|Interest income, net                                     |  |          | 2,864 |   |                     |  | (362        | )                      | 
|Income (loss) before income taxes                        |  |          | 2,327 |   |                     |  | 4,878       |                        | 
|Income tax expense                                       |  |          | (598  | ) |                     |  | (10         | )                      | 
|Net income (loss)                                        |  |          | 1,729 |   |                     |  | 4,868       |                        | 
|Less: Net loss attributable to noncontrolling interest   |  |          | -     |   |                     |  | (1          | )                      | 
|Net income (loss) available to common shareholders       |  |          | 1,729 |   |                     |  | 4,867       |                        | 
|                                                         |  |          |       |   |                     |  |             |                        | 
|Weighted average share outstanding                       |  |          |       |   |                     |  |             |                        | 
|Basic                                                    |  |          |       |   |                     |  | 410,570,600 |                        | 
|Diluted                                                  |  |          |       |   |                     |  | 410,570,600 |                        | 
|Income (loss) per share available to common shareholders |  |          |       |   |                     |  |             |                        | 
|Basic                                                    |  |          |       |   |                     |  | 0.01        |                        | 
|Diluted                                                  |  |          |       |   |                     |  | 0.01        |                        | 









Unaudited Pro Forma Condensed Combined Statement of Profit
or Loss Adjustments



(A) Derived from the unaudited statement of operations of MMAC
for the four quarterly periods ended December 31, 2018.



(B) Derived from the audited consolidated statement of profit
or loss of Akazoo for the year ended December 31, 2018.The historical outstanding shares and per share amounts were adjusted to
reflect the effect of the 100-for-1 stock split.



(1) Represents an adjustment to eliminate interest income and
unrealized gain on marketable securities held in the trust account and related income tax expense as of the beginning of the period.



(2) As the Business Combination are being reflected as if they
had occurred at the beginning of the period presented,



the calculation of weighted average shares outstanding for basic
and diluted net loss per share assumes that the shares issuable relating to the Transactions have been outstanding for the entire
period presented.