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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