Anghami subscribers spike 41% in first half, anticipating record results

The significant user growth brings the platform’s total user base to 1.28 million subscribers. The platform said the growth was primarily driven by higher conversion rates of its freemium to paying subscribers.

The music streaming platform’s active user base, which comprises users who have used the service at least once in three consecutive months, grew by 46% year-on-year to 19.5 million users in H1. The company said the spike in active users led to more advertising and subscription revenues.

Anghami’s total revenues, meanwhile, grew 29% year-on-year to $21.1m in the first six months this year.

Anghami’s co-founder and CEO, Eddy Maroun, said the company could see a record year based on these preliminary results.

“The first-half results should lead to a record year for Anghami in 2022,” Maroun said. “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.”

Anghami saw a 20% uptake of Arabic music streams content compared to last year’s figure, representing nearly 60% of total music streams on the platform in H1.

In February, Anghami listed on the Nasdaq in New York through a publicly-traded special purpose acquisition company, which followed a merger agreement between the two companies, valuing Anghami at $220m.

As part of the platform’s aggressive expansion plan in the MENA region, the company secured a number of partnerships in the first half of 2022. The deals include an exclusive partnership with Egyptian artist Amr Diab, who is now the most streamed musician on Anghami with 1.2bn plays.

Anghami struck several strategic deals with companies such as Wajeez, the leading Arabic audio book subscription service, which now offers curated Arabic short-form content on Anghami. In February, the music streaming service partnered with Rotana Music, the leading label in the region. The company also acquired live events company Spotlight Events, which will see more than 10 concerts hosted this year.

In April, Anghami renewed a marketing deal with Saudi Arabia-based entertainment company MBC Group. The deal was intended to feature Anghami’s content across MBC’s programming in the region, giving the platform access airtime across several entertainment shows including The Voice and Arab Idol, as well as MBC’s TV channels, radio stations, and more.

Anghami co-CEO F Jacob Cherian 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.”