Anghami announces prelim results for H1 2022, reports 41% YoY growth in monthly subscribers

Music and entertainment streaming platform Anghami has reported its preliminary results for the first half of 2022.

The company reported that its total revenue grew 29 per cent year-over-year to $21.1m. The number of monthly paying subscribers increased 41 per cent year-over-year.

This growth was attributed to higher conversion rates of advertising-supported users to paying subscribers, as well as a higher number of active users, which increased 46 per cent year-over-year (YoY) to 19.5 million users, resulting in increased advertising and subscription revenues.

Anghami recorded negative foreign currency effects of $3.5m in revenue. Excluding these foreign currency effects and applying constant exchange rates year-over-year, revenue would have increased by more than 50 per cent YoY.

The company announced several partnerships and initiatives to bolster its position as a leading provider of Arabic digital content and digital entertainment in the MENA region.

This included the recent acquisition of Spotlight Events, an events management company. The partnership will see Spotlight Events become Anghami’s arm for live events and concerts, including offline activities and activations to expand Anghami’s footprint in the music and entertainment ecosystem.  The alliance will also enable Anghami to enrich music fans’ experiences with exclusive access to private concerts, VIP lounges, meet and greets and backstage access, in addition to attending concerts either offline or streamed through their devices.

Read: UAE’s Anghami acquires Spotlight Events to expand footprint

Eddy Maroun, co-founder, and CEO of Anghami, said, “The first half results should lead to a record year for Anghami in 2022. 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.”

Jacob Cherian, co-CEO of Anghami, commented, “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.”