Given the growing activity and interest in the Middle East and North Africa (MENA) region, 2020 is arguably a very good time to consider selling up if you’re the leading streaming service in that part of the world. Bloomberg has reported that Anghami is “assessing its options for the business” including a sale for up to $400m, or a new round of funding to continue growing independently.
While you might expect the big global streaming services to be in the frame as potential acquirers, Bloomberg suggested that a Dubai-based TV broadcaster called Orbit Showtime Network may be in pole position to buy Anghami.
In March last year, Anghami had more than 21 million monthly active users and “a significant number over one million” paying subscribers. Co-founder Eddy Maroun spoke at the NY:LON Connect conference a year ago about the MENA region’s opportunities, including for western music. “People in the Middle East are very eclectic,” he said. “It is not just the local music, The younger audience is very influenced by the Western world but also want something local. The new thing is in the collaboration between the two worlds.”