After listing on the NASDAQ in February, Anghami posts revenues of $35.5m for 2021, up 16% YoY – Music Business Worldwide

MENA focused music streaming service Anghami has published its full year financial results for 2021 as well as its preliminary results for Q1 2022.

The announcement comes three months after Anghami listed on the NASDAQ in New York.

Anghami reports that its total revenue grew 16% year-over-year in 2021, to $35.5 million in 2021.

Within the filing, Anghami reports that its subscription revenues reached $25.7 million in 2021, up 4% YoY.

The platform’s advertising revenues, meanwhile, grew by 70% to $9.8 million versus $5.8 million in 2020.

For the year ended December 31, 2021, Anghami reports that its paid subscribers increased to 1.4 million, up 2% YoY.

According to the firm’s preliminary Q1 results, Anghami reached 1.5 million paid subs in three months to end of March, up 13% YoY.

The firm also discloses in its preliminary Q1 results that its total revenues across the quarter reached $9.3 million, an increase of 23% YoY compared to the Q2 2021.

Subscription revenue increased 26% year-over-year to $7.3 million in Q1 2022, with the firm’s ARPU increasing 10% to $1.87.

The company reports to have had 45 telco partnerships by March 2022.

Anghami listed on the NASDAQ via a merger with publicly-traded special purpose acquisition company, Vistas Media Acquisition Company.

The music streaming company entered into a definitive merger agreement with VMAC in March 2021, which values Anghami at $220 million.

It was approved by a majority of VMAC stockholders at a special meeting held on January 19, 2022

Last month, Saudi Arabia’s Rotana Music signed a strategic partnership with Anghami, that saw Rotana’s content made available on the platform worldwide.

Music released by Rotana, which is claimed to be the largest record label in the Middle East, was previously available on Deezer exclusively in the MENA region since 2018, the year the France born service launched in MENA.

Warner Music Group bought a minority stake in Rotana Music in February last year.

“2021 was a very special year for us, with many significant milestones leading up to our listing on NASDAQ paving the way to achieve our growth goals that started to flourish in Q1 2022.”

Eddy Maroun, Anghami

Eddy Maroun, Co-founder, and Chief Executive Officer of Anghami, said: “2021 was a very special year for us, with many significant milestones leading up to our listing on NASDAQ paving the way to achieve our growth goals that started to flourish in Q1 2022.

“In terms of partnerships, our exclusive deals with artists such as megastar Amr Diab, Original content and our label initiative Vibe Music Arabia with Sony Music, Amazon Prime & Alexa, TOD/BeIN and our renewed partnership with Rotana Music have strengthened our ability to provide an unparalleled experience to our users, with the largest Arabic content offering on top of the world’s repertoire.

“This is in line with our goal to expand the Arabic culture through content and technology. As we grow further towards being an entertainment platform, we are working to bring innovative concepts like Anghami Lab to life – to be the first immersive experience of its kind, connecting the online and offline worlds and bridging the gap between digital and traditional entertainment while supporting local creator communities.”

“We are confident that this positive development will continue through 2022 as we benefit from our growing partnerships and offerings.”

F. Jacob Cherian, Anghami

F. Jacob Cherian, Co-Chief Executive Officer of Anghami, added: “Anghami has met many expectations in the run-up to its Nasdaq listing and remains committed to launching more innovative offerings, expanding its global reach and delivering value to customers through best-in-class content and innovative new features.

“We are confident that this positive development will continue through 2022 as we benefit from our growing partnerships and offerings.”Music Business Worldwide