Anghami reports 35.6% revenue growth, subscribers rise 21% in 2022

Music streaming technology platform Anghami has recorded $48.1m in total revenue for 2022, reflecting a 35.6 per cent rise compared to 2021.

The service ended the past year with 1.52 million paying subscribers, rising 21 per cent increase year-on-year, Anghami announced in its unaudited preliminary results for the year 2022.

Additionally, the number of music streams increased by 20 per cent compared to 2021, owed to a demand in content, especially with Arabic music representing 60 per cent of its streams.

“Our ability to provide an exceptional user experience and to deliver the best music and entertainment content in the MENA region and beyond is reflected in our strong financial performance in 2022,” said Eddy Maroun, CEO and co-founder.

?Excited to announce 35.6% revenue growth with $48.1M as we develop further as a tech-entertainment platform to better serve users & creators unlocking unique experiences & opportunities in a region where entertainment is booming? ⁦@anghami⁩ #ANGH https://t.co/iCgmkkolB0

— Eddy Maroun (@EddyMaroun) March 7, 2023

The company has invested in consumer business, content creation, advertising and payment infrastructure. It recently launched verticals such as Anghami Studios, a full fledge content production arm; Vibe Music Arabia, a JV with Sony Music; Spotlight Live, an events management business; and Anghami Lab, a music lounge with artist performances in Riyadh.

“The unaudited gross profit margin from paid subscriptions and ad-supported users improved by 13 percentage points in H2 over H1 2022. Also, starting in May 2023, we plan to launch new services that leverage our unique user knowledge and our deep technology credentials,” added Elie Habib, chairman and co-founder.

Anghami became the first Arab tech company to be listed on NASDAQ last year.

Read: UAE’s Anghami, first Arab tech company to list on Nasdaq, begins trading

The streaming service has been expanding its reach via key strategic collaborations. Last October, it announced a partnership with with Dubai-headquartered lender Mashreq to provide exclusive regional content through podcasts and bespoke music content to the bank’s clients in the UAE.

Read: Mashreq, Anghami announce regional strategic partnership

The brand also joined hands with Danish telecom company Hallo and Virgin Mobile in Kuwait to provide customers access to its content.