The most popular music streaming service in the Middle East and Africa has spread even further this year with impressive growth.

Anghami have reported their triumphant third quarter results for 2023. The music streaming service is the most popular platform in the Middle East and Africa (MENA) region.

They’ve revealed a 17% growth in subscribers for the first 9 months of 2023. That major boost in paying users has increased their adjusted revenue by 8% and an impressive 22% rise in Gross Profit margin.

The key success here is their growth in direct subscriptions. These are the real gold for music streaming services, representing users who are making direct and regular payments to the company.

To bolster their growth and success in paying users, Anghami launched their highest subscription tier this year. Anghami Gold offers users a range of new features and AI-powered experiences for music and podcast listening.

Partnerships have also bolstered Anghami’s presence this year. They improved their partnership with Vodafone Egypt, increasing their revenue potential by “approximately 2x” according to the company.

Their production unit, Anghami Studios, saw expansion to work with more major brands for advertising. Their advertising revenue saw incredible growth of 28% year-on-year for the third quarter.

Looking beyond expansion, Anghami have made efforts in 2023 to improve their efficiency. This means that they aren’t just earning more, but looking to make the same earnings stretch further. They have been optimising their backend to save in technology costs. They’ve tweaked their marketing expenses based on past results for better returns. They also reduced their workforce by 15% to save costs.

Anghami Co-founder and CEO, Eddy Maroun said: “This quarter has been transformative for Anghami, both strategically and financially. With the securing of key strategic anchor investors such as OSN Group and SRMG, we have achieved a significant milestone in our growth journey.

“Our growth has been concentrated in high-margin segments, aligning perfectly with our strategic focus. Moving forward, integrating video streaming capabilities is a strategic move, promising significant enhancements to our platform and broadening our service offerings.”

You can view Anghami’s full results from their Q3 earnings report here.

Upload your music to Anghami for free and reach the biggest audience of music listeners in the MENA region. Get paid from every stream on your tracks when you upload at www.routenote.com.