Music and leisure streaming platform Anghami reported its preliminary outcomes for the primary half of 2022.
The corporate reported that its complete income rose 29% year-over-year to $21.1 million. The variety of month-to-month paying subscribers is up 41 p.c 12 months over 12 months.
This development was attributed to increased conversion charges of ad-supported customers to paying subscribers, in addition to a better variety of lively customers, which grew 46% year-over-year (YoY) to 19.5 million customers , leading to elevated promoting and subscription income.
Anghami recorded destructive overseas forex results of $3.5 million in income. Excluding these forex results and making use of fixed year-over-year trade charges, income would have elevated greater than 50 p.c from final 12 months.
The corporate has introduced a number of partnerships and initiatives to strengthen its place as a number one supplier of Arabic digital content material and digital leisure within the MENA area.
This included the latest acquisition of Highlight Occasions, an occasion administration firm. The partnership will see Highlight Occasions develop into Anghami’s stay occasions and live performance arm, together with offline actions and activations to broaden Anghami’s footprint within the music and leisure ecosystem. The alliance may also allow Anghami to counterpoint music followers’ experiences with unique entry to non-public live shows, VIP lounges, meet and greets and backstage entry, along with attending live shows both offline or streamed by means of their units.
Learn: UAE-based Anghami acquires Highlight Occasions to broaden footprint
Eddy Maroun, co-founder and CEO of Anghami, mentioned: “The outcomes of the primary half ought to result in a document 12 months for Anghami in 2022. We proceed to take heed to the wants of our loyal customers by increasing our native Arabic content material and bettering ourselves. technology-enabled digital streaming platform. These are the important thing elements that can preserve Anghami’s main place within the Arab music streaming market and make Anghami one of many main digital leisure platforms within the MENA area.”
Jacob Cherian, co-CEO of Anghami, commented, “Anghami stays dedicated to launching extra modern choices, increasing its international attain and delivering worth to prospects by means of best-in-class content material and modern new options. We’re assured that this optimistic trajectory will proceed into 2022 as we profit from our rising partnerships and choices.”