Anghami Founders Eddy Maroun and Elie Habib at Nasdaq with confetti

Middle Eastern and North African music streaming service Anghami has published its financial results for the third quarter of 2022.

The company said its revenues had grown by 29% year-on-year to $31.7m in Q3, and highlighted the fact that its paid subscription revenues had grown 27% since Q2.

However, like other technology firms, Anghami is feeling the effects of the wider economic wobbles, and reduced its headcount by 22% last quarter.

“Given the impact of challenging macroeconomic conditions, we had to take some cost disciplinary measures to improve our bottom-line performance,” as CEO Eddy Maroun put it.

One of the bright spots in the results was Anghami’s recently-acquired live-music subsidiary Spotlight Events, which has seen its revenues grow by 149% year-on-year.

The Q3 financials did not include user or subscriber numbers, although at the end of June it had 19.5 million active users and nearly 1.3 million paying subscribers.

Rumours of a potential acquisition by Spotify have so far come to naught, but with a market cap of just over $70.7m (roughly the amount Spotify makes every two days) the speculation is understandable.

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