MENA Spotify Rival Anghami Eyes Further Expansion Following Strategic Investment By SRMG Ventures
Anghami, the Arab world’s answer to Spotify, is eyeing further expansion following a fresh $5 million investment by SRMG Ventures.
It marks the third investment by the venture capital arm of Riyadh-registered company SRMG, which bills itself as the largest integrated media group in the Middle East and North Africa (MENA).
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Anghami was launched in 2012 by Lebanese tech entrepreneurs Eddy Maroun and Elie Habib as the Arab world’s first legal music streaming platform.
The platform has since expanded its activities into in-house productions, branded music and video content, concerts and live events, a record label for Arab artists, podcasts, a music lounge with live entertainment, exclusive and original Arabic content, along with its renowned music streaming service.
Per its own figures, it has 120 million registered users, up from 75 million users in 2021 and a catalogue comprising more than 100 million songs. It bills itself as the go-to destination for Arab music and entertainment.
SRMG Ventures’ strategic investment comes amid forecasts of rapid growth in the MENA music and audio market.
“Audio consumption is growing fast in the MENA region,” said SRMG CEO Jomana R. Al-Rashid.
“In 2022 alone, the market size for audio increased by 35%. This demand coupled with the commercial opportunity it presents makes digital audio and media one of the investment priorities for SRMG Ventures. These opportunities are also demonstrative of our strategy and commitment to support and develop the media ecosystem, act as a catalyst for further growth and enhancement of SRMG’s offerings and services.
Anghami co-founder and CEO Maroun said the SRMG investment marked a significant milestone for the platform
“We have continually evolved to meet our audience’s changing demands and support the region’s rising entertainment and music industry. Working together with SRMG, a leader and innovator in regional media, Anghami will be able to unlock further opportunities to champion the music ecosystem,” he said.
“This partnership will propel regional artists to greater heights, expand their global reach, and create new touchpoints for our users and artists alike.”
SRMG Ventures has previously invested in leading Saudi content studio Telfaz11, and Vuz, a VR-enabled social media application.
As part of the investment agreement, SRMG will be invited to join Anghami’s board of directors and will have the opportunity to increase its investment in Anghami in the future.
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