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Anghami Revenue Grows 29% in First Half of Year on Strong Subscription Growth

On Monday, shares rose as much as 12.7%, to $3.28, and closed at $3.01, up 9%.

Anghami, a music streaming company that focuses on the Middle East and North Africa, improved its first-half revenue 29%  — more than 50% at constant currency — from the prior-year period to $21.1 million, the company announced Monday (Aug. 15).

The Abu Dhabi-based company runs a freemium business model with a free, ad-supported tier as well as a premium tier for paying customers. In the first half of 2022, monthly subscribers grew 41% to 1.28 million while active users grew 46% to 19.5 million. It operates in 16 countries across MENA and has offices in Beirut, Dubai, Cairo and Riyadh.

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Eddy Maroun, Anghami’s co-founder and CEO, says the company “should produce a record year” in 2022 based on the first-half results. “We continue to listen to the needs of our loyal users by expanding our local Arabic content and improving our technology-driven digital streaming platform,” he said in a statement. “These are key drivers that will maintain Anghami’s leadership position in the Arabic music streaming market and that will grow Anghami into one of MENA’s leading digital entertainment platforms.”

Anghami has been busy carving out a space in MENA. In December, the 10-year-old company announced a joint venture with Sony Music, Vibe Music Arabia, that provides it with exclusive content. In July, it acquired Spotlight Events, a live events company that has more than 10 concerts in its pipeline. It also announced a string of partnerships in 2022 that will bolster its foothold in the region: Egyptian artist Amr Diab; Arab record label Rotana Music; Saudi-based MBC Group, creator of entertainment shows such as The Voice and Arab Idol; and Wajeez, a provider of audiobook summaries. Its focus on Arabic content appears to have yielded results: Arabic music streams now account for almost 60% of total music streams, up 20% year over year.

On Monday, Anghami shares (Nasdaq: ANGH) rose as much as 12.7%, to $3.28, and closed at $3.01, up 9%. Its share price has fallen sharply from its 2022 high mark, however. On February 7, the business day after the company went public after merging with Vistas Media Acquisition Company, a Nasdaq-listed special purpose acquisition corporation, Anghami traded at $23.10. It reached $33.13 on February 17 and regularly traded above $10 until April 13.

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