Now that it’s a public company, Middle East and North Africa (MENA) based music streaming service Anghami will be publishing regular financial results, giving an insight into its growth amid intensifying competition from global DSPs in its region.
This morning it published its full-year 2021 results, revealing that its revenues grew by 16% to $35.5m, including $25.7m of subscription revenues and $9.8m of advertising income.
Anghami ended 2021 with 1.4 million paid subscribers, which was year-on-year growth of just 2%. However, in preliminary numbers for Q1 2022 published in the results, it had 1.5 million at the end of March – up a healthier 13% year-on-year.
That’s 8.1% of its 18.5 million active users, with the latter number up 20% year-on-year. Anghami posted revenues of $9.3m in Q1 2022, up 23% year-on-year.
According to the IFPI, overall recorded music industry revenues in the MENA region grew by 35% to $89.5m in 2021, making it the fastest-growing region, if still just 0.3% of global revenues. Streaming was 95.3% of that total.
There’s perhaps a hint of the growing competition in MENA, then, if Anghami’s revenues grew by 16% in 2021 while the overall recorded music market grew by 35%. But – cliché klaxon! – competition breeds innovation, and how MENA’s biggest homegrown service evolves as it takes on the big global DSPs will be a key factor in that region’s potential for further growth.