Anghami welcomes $5m funding from SRMG Ventures

In November last year, rumors started rumoring that MENA-based streaming service Anghami might probably be acquired by Spotify.

That concept by no means grew to become a actuality. In the meantime, in the identical month, Anghami reduced its global headcount by 22% because of the “affect of difficult macroeconomic situations”.

Right this moment brings one other chapter in Anghami’s ongoing story – with a strong new investor approaching board on the firm.

SRMG Ventures has made its third funding with a USD $5 million funding in Anghami.

SRMG Ventures is the enterprise capital arm of SRMG (Saudi Analysis and Media Group); SRMG claims to be the “largest built-in media group in MENA”.

SRMG is the proprietor of a suite of print and digital media in MENA, and is alleged to have close links with the Saudi royal household.

Anghami says that, following the brand new funding, it is going to “leverage SRMG’s intensive media community to speed up its progress by creating new experiences for customers and alternatives for artists, and collaborating to develop the authorized consumption of music and audio content material within the MENA area”.

SRMG not too long ago launched Billboard Arabia, which is about to introduce a number of charts utilizing knowledge from the main digital streaming platforms – together with Anghami – to spotlight the artists and songs driving each world and native chart exercise.

Anghami confirmed in the present day that it now has 120 million registered customers, up from 75 million customers in 2021, with an on-platform catalog of greater than 100 million songs.

Jomana R. Al-Rashid, CEO of SRMG, mentioned: “Audio consumption is rising quick within the MENA area. In 2022 alone, the market dimension for audio elevated by 35%. This demand coupled with the industrial alternative it presents makes digital audio and media one of many funding priorities for SRMG Ventures.

“These alternatives are additionally demonstrative of our technique and dedication to help and develop the media ecosystem, act as a catalyst for additional progress and enhancement of SRMG’s choices and companies. Right this moment, Anghami has been in a position to safe one of many largest person bases in audio streaming within the area, and has developed a powerful platform with intensive technological capabilities – a testomony to the management of founders Elie Habib and Eddy Maroun.

“We’re wanting ahead to working carefully with the Anghami staff to comprehend our shared imaginative and prescient of elevating the area’s media and leisure business.”

Eddy Maroun, Co-founder & CEO of Anghami, mentioned: “This funding from SRMG Ventures marks a major milestone for Anghami. We now have frequently advanced to fulfill our viewers’s altering calls for and help the area’s rising leisure and music business.

“Working along with SRMG, a frontrunner and innovator in regional media, Anghami will be capable to unlock additional alternatives to champion the music ecosystem. This partnership will propel regional artists to better heights, develop their world attain, and create new touchpoints for our customers and artists alike.”

In March, Anghami reported that it ended 2022 with 1.52 million total paying subscribers, a rise of 21% in comparison with 2021.

The corporate was sued by PopArabia and its parent, Reservoir Media, over allegedly streaming unlicensed songs, in February.Music Enterprise Worldwide

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