The merged company will allow customers to listen to music and watch a movie via the same app.
OSN+, the prominent regional streaming platform, and Anghami Inc., the major music and entertainment streaming platform, have signed a landmark deal to merge their businesses. A first-of-its-kind in the region, the combination of the two local home-grown brands will provide consumers with a digital hub offering premium movies, TV shows, music, podcasts, and more, ensuring an immersive and seamless user experience.
With OSN Group injecting a cash investment of up to $50m into Anghami, the collaboration aims to unite more than 120m registered users and 2.5m paying subscribers, generating over $100m in revenue at closing. This strategic merger positions Anghami Inc. as one of the largest streaming platforms in the region, combining Anghami’s extensive music catalogue, including exclusives from renowned artists like Amr Diab, with OSN+’s video content library and exclusive partnerships with global studios such as HBO, NBC Universal, Paramount, and leading Arabic and Turkish studios.
The new platform, committed to customer-centricity, will leverage Anghami’s tech stack and music catalogue alongside OSN+’s premium video content, delivering a unique streaming experience enhanced by AI-driven hyper-personalisation tailored to user preferences.
Commenting on the deal, Elie Habib, co-founder of Anghami and set to be the CEO of the combined business, said: “Joining forces with OSN+ is a leap in Anghami’s journey to reinvent entertainment in the Arab World. We’re combining technology, music and video to build a comprehensive media ecosystem. It’s a chance to deepen our connection with our users and to create something they will truly love.”
Joe Kawkabani, CEO of OSN Group, added: “This is a major milestone in OSN’s journey as we continue to scale up our streaming business. Combining OSN+ content with Anghami’s technology enables us to deliver the best of entertainment all in one place for our customers, ensuring we are continuously evolving our offering to meet their needs. As two home-grown entities with an unmatched understanding of the local market, we are confident that this new offering will change the face of the regional streaming landscape.”
Under the terms of the agreement, OSN Group will invest in Anghami at a valuation of $3.65 per share, marking a 3.9x increase from the stock’s average price over the past month. Anghami plans to maintain its listing on the Nasdaq Stock Market post-transaction. The deal is anticipated to close in Q1 2024, subject to customary closing conditions and regulatory approvals, with OSN Group emerging as the majority stakeholder in Anghami Inc. OSN will continue its linear TV business OSNtv, led by Joe Kawkabani as Group CEO.