Early last year, there were rumours that Middle Eastern streaming service Anghami might be up for sale, fresh from generating more than 10bn streams in 2019. A year on, and Anghami remains independent, but it is raising money.
Dubai-based investment firm Shuaa Capital has taken a stake in Anghami, although the terms of the transaction have yet to be made public – intriguingly because, according to Shuaa Capital’s CEO Jassim Alseddiqi’s interview with Gulf News, Anghami is “working on another transaction”.
The same article noted that Anghami now has more than 70 million active users across the Middle East and North Africa (MENA) region. “Having last raised funds in 2016, it was important for us to partner with the right investors, who understand our region and our growth model,” said co-founder Elie Habib.
The news comes after a year of intensifying music streaming competition in MENA, with Spotify, Deezer and other global DSPs upping their focus on the region. It’s an area that the worldwide industry is still getting to grips with in terms of measuring growth. The IFPI’s Global Music Report last year estimated that MENA’s recorded music revenues were just $19.6m in 2019, up by 18.5% year-on-year.