Anghami has posted its preliminary results for the first half of 2022 (ended June 30, 2022).
The MENA-focused music streaming platform reports that its total revenue grew 29% year-over-year to $21.1 million.
The platform’s number of Monthly Paying Subscribers, meanwhile, increased 41% YoY to 1.28 million subscribers.
According to Eddy Maroun, Anghami’s Co-founder, and CEO, the company’s first half results “should lead to a record year for Anghami in 2022”.
Anghami reports that its subscriber growth was primarily due to “higher conversion rates of advertising-supported users to paying subscribers, as well as a higher number of Active Users”.
The app’s active user base increased 46% year-over-year to 19.5 million users in H1, resulting in what Anghami says was increased advertising and subscription revenues. Anghami defines ‘Active Users’ as users who used its service at least once over a rolling three-month period.
Anghami listed on the NASDAQ in New York in February via a merger with a publicly-traded special purpose acquisition company.
The music streaming company entered into a definitive merger agreement in March 2021, which valued Anghami at $220 million.
Anghami says that “Arabic content is key” to its “future growth”. The company notes that it has announced several partnerships in recent months, which it says are aimed at bolstering its position in the MENA region.
In February, Anghami announced an exclusive partnership with Egyptian artist and Arabic music megastar Amr Diab, the most streamed artist on the Anghami platform, with close to 1.2 billion streams. This exclusive partnership brought the singer’s entire audio and video catalog, as well as future releases, exclusively to Anghami.
In April, Anghami inked a strategic partnership with Rotana Music, claimed to be the largest record label in the Middle East.
Meanwhile in June, Anghami renewed a marketing deal with Saudi Arabia-based entertainment company, MBC Group. Under this strategic partnership, Anghami will be featured across MBC’s programming in the region, giving Anghami access to airtime across several entertainment shows such as The Voice and Arab Idol, as well as MBC’s TV channels, radio stations, all of MBC’s major social media channels, and MBC’s Shahid platform, which is claimed to be the world’s leading Arabic video streaming platform.
Elsewhere, in July, Anghami acquired Spotlight Events, a live events company that specializes in creating and managing live events and concerts in the MENA region.
Earlier this month, Anghami partnered with WAJEEZ, an Arabic subscription service to more than 3,500 audiobook summaries of Arabic books and translated international bestsellers.
Anghami reports that Arabic music streams accounted for nearly 60% of its total music streams in H1, marking a 20% YoY increase.
“The first half results should lead to a record year for Anghami in 2022.”
Eddy Maroun, Anghami
Eddy Maroun, Co-founder, and Chief Executive Officer of Anghami, said: “The first half results should lead to a record year for Anghami in 2022.
“We continue to listen to the needs of our loyal users by expanding our local Arabic content and improving our technology-enabled digital streaming platform.
“These are the key drivers that will maintain Anghami’s leadership position in the Arabic music streaming market and make Anghami one of the leading digital entertainment platforms in the MENA region.”
“We are confident that this positive trajectory will continue through 2022 as we benefit from our growing partnerships and offerings.”
F. Jacob Cherian, Anghami
F. Jacob Cherian, Co-Chief Executive Officer of Anghami, said “Anghami 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.
“We are confident that this positive trajectory will continue through 2022 as we benefit from our growing partnerships and offerings.”Music Business Worldwide