Anghami reports strong Q1 2024 boosted by subscribers
Anghami, the leading music streaming platform in the Middle East and North Africa (MENA) region, showcased impressive growth in Q1 of 2024.
Anghami lead the way for music streaming in the MENA region. Their first quarter 2024 results see their continuing dominance with a significant increase in premium subscribers, improved margins, and a strategic move that positions them for future success.
Anghami saw a substantial 18% increase in premium subscribers compared to Q1 2023, reaching 1.87 million. This surge in subscribers translated to an 8% overall revenue increase, with subscription revenue itself experiencing a robust 27% year-on-year growth. This positive trend highlights Anghami’s ability to attract and retain users in the MENA region.
Anghami’s strong performance is down to its strategic focus on high-quality revenue and user acquisition. They optimised user acquisition with high-margin channels like mobile app stores and web, as well as renegotiating key content agreements to reduce the cost of sales. These efforts helped to boost their gross margin from 20% to 26%.
Anghami have been following the footsteps of leading global services like Spotify and Amazon Music. Both of those services have just launched new playlists powered by AI, for a curated experience on user request. Anghami have been investing in their own AI capabilities for a user recommendation engine.
Anghami completed an acquisition of OSN+, a leading video streaming platform in the MENA region. This positions them to gain even more influence over the large region’s entertainment audiences with a broader approach.
With a focus on high-quality revenue, strategic acquisitions, and continuous improvement, Anghami is well-positioned for a successful 2024 and beyond. The strong Q1 2024 results and the transformative OSN+ acquisition lay a solid foundation for Anghami to solidify its dominance in the MENA region’s digital entertainment landscape.