We reported earlier this month on speculation that Middle Eastern and North African streaming service Anghami might be up for sale, with a mooted valuation of $400m. Now the company has offered an official line on what’s happening, telling the MENAbytes news site that it is working with JPMorgan on a new round of funding, but also is considering ‘multiple acquisition offers’.
Co-founder Elie Habib also offered a new figure to show the company’s growth. “2019 was the best year for Anghami. Even with Spotify and Dezeer around with all their money, we’ve been able to do great and are still by far the leading music streaming service in the Middle East & North Africa with 10 billion music streams in 2019. No one is even close,” claimed Habib.
Early last year, Anghami had 21 million active users and one million paying subscribers, although it hasn’t offered an update on those stats in the latest interview.
Music Ally’s next Learn Live webinar will help you understand what’s required for artists to thrive in new international markets!