Dubai: The first financials from the Arabic music streaming portal Anghami are hitting the high notes, with 2021 revenues at $35.5 million, up a solid 16 per cent. The service, headquartered in Abu Dhabi and listed on Nasdaq New York, generated subscription revenues of $25.7 million, helped by converting 43 per cent of subscribers to its monthly plan.
Anghami - which was acquired by a SPAC (Special Purpose Acquisition Co.) last year and went on to the Nasdaq listing earlier this year – lists 1.4 million subscribers, while the number of active users at the end of the first quarter was 18.5 million, up 20 per cent. “The growth of users was driven by increased localization, namely in Arabic and original content, an improved recommendation engine, unique social features and special activations in several countries,” Anghami said in a statement.
According to Eddy Maroun, Co-founder and CEO, “ In terms of partnerships, our exclusive deals with artists such as megastar Amr Diab, original content and our label initiative Vibe Music Arabia with Sony Music, Amazon Prime & Alexa, TOD/BeIN and our renewed partnership with Rotana Music have strengthened our ability to provide an unparalleled experience to our users, with the largest Arabic content offering on top of the world’s repertoire.
“This is in line with our goal to expand the Arabic culture through content and technology.”
SPAC ways
The Anghami transition into a SPAC deal was quite the milestone. In short order following that, Abu Dhabi came up with a regulatory framework specifically for SPACS and their listing – the first such in the Middle East. Shuaa Capital (incidentally an investor in Anghami) launched a SPAC fund, and there are more in the works from other sources.
Can Anghami keep up the power of growth in upcoming quarters? The portal has been expanding beyond its music streaming line, launching Vibe Music Arabia, a label in alliance Sony Music Middle East. This will invest in independent and emerging Arab artists in the GCC, Levant and Saudi Arabia fo Arabic music with ‘greater global appeal’.
Anghami has expanded its in-house production capabilities to create a larger pipeline of exclusive ‘Originals’ and sessions, providing ‘trendy local artists with wider reach and enhanced exposure’.
“We are confident that this positive development will continue through 2022 as we benefit from our growing partnerships and offerings,” said Jacob Cherian, Co-CEO of Anghami. "Anghami met many expectations in the run-up to its Nasdaq listing and remains committed to launching more innovative offerings, expanding its global reach and delivering value to customers through best-in-class content and innovative new features.”
