MENA: Anghami posts $35.5m in revenues

That figure included subscription revenues of $25.7m, a 4% hike year-on-year, while advertising returned $9.8m in revenues, a staggering 70% growth from $5.8m recorded in 2020. The Lebanon-based platform ended 2021 with 1.4 million paid subscribers, a slight 2% increase compared to the prior year.

The company’s also posted its preliminary results for quarter one (Q1) 2022, which ended on 31 March. The period saw revenues jump 23% year-on-year to reach $9.3m as paid subscribers increased by 13% to 1.5m compared to the same period in the prior year, while monthly active users (MAUs) grew to 18.5 million or 20% year-on-year.

Subscription revenue improved by 26% year-over-year generating $7.3m in Q1 2022. The firm’s average revenue per user jumped 10% to reach $1.87.

The company counted 45 partnerships with telcos by the end of March 2022. It also entered a strategic partnership with Saudi Arabian record label Rotana Music, which saw Rotana’s content being made available on the platform worldwide.

In February, Anghami listed on the NASDAQ in New York via a merger with special purpose acquisition company Vistas Media Acquisition Company, following a merger agreement with the firm in March 2021.

“2021 was a very special year for us, with many significant milestones leading up to our listing on NASDAQ paving the way to achieve our growth goals that started to flourish in Q1 2022,” Anghami co-founder and CEO Eddy Maroun said. “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 and Alexa, 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. As we grow further towards being an entertainment platform, we are working to bring innovative concepts like Anghami Lab to life – to be the first immersive experience of its kind, connecting the online and offline worlds and bridging the gap between digital and traditional entertainment while supporting local creator communities.”

Anghami co-CEO F. Jacob Cherian: “Anghami has 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. We are confident that this positive development will continue through 2022 as we benefit from our growing partnerships and offerings.”