Music streaming know-how platform Anghami posted whole income of $48.1 million for 2022, reflecting a 35.6% improve over 2021.
The service ended final yr with 1.52 million paying subscribers, up 21 p.c year-on-year, Anghami stated in unaudited preliminary outcomes for 2022.
As well as, the variety of music streams elevated by 20% in comparison with 2021 because of the demand for content material, particularly Arabic music accounting for 60% of its streams.
“Our skill to ship an distinctive consumer expertise and ship the perfect music and leisure content material within the MENA area and past is mirrored in our robust monetary efficiency in 2022,” stated Eddy Maroun, CEO and Co-Founder .
🚀We’re excited to announce a 35.6% improve in income to $48.1 million as we proceed to evolve as a know-how leisure platform to higher serve customers and creators, unlocking distinctive experiences and alternatives in – a area the place leisure is booming💥@anghami #ANGH https://t.co/iCgmkkolB0
— Eddy Maroun (@EddyMaroun) March 7, 2023
The corporate has invested in shopper companies, content material creation, promoting and cost infrastructure. It has just lately launched verticals resembling Anghami Studios, a whole content material manufacturing arm; Vibe Music Arabia, a JV with Sony Music; Highlight Stay, an occasion administration enterprise; and Anghami Lab, a music lounge with artist performances in Riyadh.
“Unaudited gross revenue margin from paid subscriptions and ad-supported customers improved 13 share factors in Q2, in comparison with Q1 2022. Additionally, beginning in Might 2023, we plan to launch new providers that make the most of our distinctive consumer insights and our deep know-how credentials,” added Elie Habib, President and Co-Founder.
Anghami turned the primary Arab know-how firm to be listed on NASDAQ final yr.
Learn: UAE’s Anghami, first Arab know-how firm to record on Nasdaq, begins buying and selling
The streaming service has expanded its attain by way of key strategic collaborations. In October final yr, it introduced a partnership with Dubai-based lender Mashreq to supply unique regional content material by way of podcasts and customized music content material to the financial institution’s UAE clients.
Learn: Mashreq, Anghami announce regional strategic partnership
The model has additionally teamed up with Danish telecommunications firm Hallo and Kuwait’s Virgin Cellular to supply clients entry to its content material.
