One of the biggest names in music streaming for the Middle East right now, Anghami are weighing up their options for the future.
Anghami is a major music streaming service based in the Middle East and is one of the biggest streamers in the region. New reports from “people familiar with the matter” reveal that Anghami are eyeing up a potential sale if not a round of investment.
Despite facing encroaching competition from worldwide streamers like Spotify Anghami weren’t worried, announcing over 21 million users with more than 1 million paying subscribers last March. However if reports about a sale are true it could be a sign that streaming rivals in the Middle East are becoming a threat.
Bloomberg reveal that the company could be worth as much as $400 million in a sale. Dubai-based premium TV network, Orbit Showtime Network are penned as the front-runners for a buyer. However, reports also suggested that Anghami might instead look to raise funds with the aid of investment bank JPMorgan Chase & Co..
Anghami had an eventful year of expansion last year, seeing their platform grow to include podcasts. As seen by Spotify, podcasts have become a highly valuable source of streams and as more Spotify users listen to podcasts every day they’re looking to monetise them in new ways.
Last year Spotify and Deezer both launched in the MENA (Middle East & North Africa) region. Despite that increased competition Anghami brushed it off, saying that: “YouTube is by far a more important competitor than Spotify or Deezer; understanding that means that video isn’t a second class citizen for us.”
As such Anghami have been expanding their video offerings. Last year they made a deal with Wavo, a subsidiary of Orbit Showtime Network, which included the rights to stream the final series of HBO’s massively popular Game of Thrones.