In November last year, rumors began rumoring that MENA-based streaming service Anghami could potentially be acquired by Spotify.
That idea never became a reality. Meanwhile, in the same month, Anghami reduced its global headcount by 22% due to the “impact of challenging macroeconomic conditions”.
Today brings another chapter in Anghami’s ongoing story – with a powerful new investor coming on board at the company.
SRMG Ventures has made its third investment with a USD $5 million investment in Anghami.
SRMG Ventures is the venture capital arm of SRMG (Saudi Research and Media Group); SRMG claims to be the “largest integrated media group in MENA”.
SRMG is the owner of a suite of print and digital media in MENA, and is said to have close links with the Saudi royal family.
Anghami says that, following the new investment, it will “leverage SRMG’s extensive media network to accelerate its growth by creating new experiences for users and opportunities for artists, and collaborating to expand the legal consumption of music and audio content in the MENA region”.
SRMG recently launched Billboard Arabia, which is set to introduce several charts using data from the leading digital streaming platforms – including Anghami – to highlight the artists and songs driving both global and local chart activity.
Anghami confirmed today that it now has 120 million registered users, up from 75 million users in 2021, with an on-platform catalog of more than 100 million songs.
Jomana R. Al-Rashid, CEO of SRMG, said: “Audio consumption is growing fast in the MENA region. In 2022 alone, the market size for audio increased by 35%. This demand coupled with the commercial opportunity it presents makes digital audio and media one of the investment priorities for SRMG Ventures.
“These opportunities are also demonstrative of our strategy and commitment to support and develop the media ecosystem, act as a catalyst for further growth and enhancement of SRMG’s offerings and services. Today, Anghami has been able to secure one of the largest user bases in audio streaming in the region, and has developed an impressive platform with extensive technological capabilities – a testament to the leadership of founders Elie Habib and Eddy Maroun.
“We’re looking forward to working closely with the Anghami team to realize our shared vision of elevating the region’s media and entertainment industry.”
Eddy Maroun, Co-founder & CEO of Anghami, said: “This investment from SRMG Ventures marks a significant milestone for Anghami. We have continually evolved to meet our audience’s changing demands and support the region’s rising entertainment and music industry.
“Working together with SRMG, a leader and innovator in regional media, Anghami will be able to unlock further opportunities to champion the music ecosystem. This partnership will propel regional artists to greater heights, expand their global reach, and create new touchpoints for our users and artists alike.”
In March, Anghami reported that it ended 2022 with 1.52 million total paying subscribers, an increase of 21% compared to 2021.
The company was sued by PopArabia and its parent, Reservoir Media, over allegedly streaming unlicensed songs, in February.Music Business Worldwide