Under the terms of the investment arrangement, SRMG will be invited to join Anghami's board of directors.
SRMG Ventures, the venture capital division of SRMG, has unveiled a $5m investment in Anghami, the music and entertainment streaming platform in the MENA region. By leveraging its extensive media influence, content library, and a distinguished assortment of assets in the audio/podcasts domain, SRMG Ventures is poised to propel Anghami’s growth trajectory. This augmentation is aimed at enabling Anghami to capture an amplified portion of the expanding sector, anticipated to burgeon to a $700m industry by 2026.
Anghami has firmly entrenched itself as the foremost music and entertainment streaming platform in the region. With a user base of 120m registered users (a substantial surge from 75m users in 2021), along with a considerable subscriber count and a catalogue of more than 100m songs, Anghami holds the preeminent position for both Arabic and international music, podcasts, and entertainment content.
Having commenced its journey in 2012, Anghami has transcended its roots in music streaming. It has since expanded its portfolio to encompass in-house productions, branded music and video content, live concerts and events, an Arab artists-focused record label, podcasts, a live entertainment music lounge, exclusive and original Arabic content, and its renowned music streaming service.
SRMG Ventures’ investment in Anghami underlines its leadership in the promising music and audio sector within the media industry. The MENA music and audio industry is anticipated to grow at a remarkable CAGR of 11%, outpacing the global market. This swift progression is further emphasised by the increasing prominence of Arab stars and local talents. Coupled with the strategic presence of international labels like Warner, Universal, and Sony, the MENA region is solidifying its role as a pivotal player in the global music landscape.
With the latest addition of Billboard Arabia to SRMG’s media portfolio, the endeavour will incorporate various charts utilising data sourced from leading digital streaming platforms, including Anghami. These charts will spotlight the artists and tracks driving the worldwide and regional music scenes. Furthermore, SRMG’s prominent audio content creator outlets, such as Thmanyah, Independent Arabia, and Hia, are already established on the Anghami platform, paving the way for continued collaboration between SRMG and Anghami.
Jomana R. Al-Rashid, CEO of SRMG, said: “Audio consumption is growing fast in the MENA region. In 2022 alone, the market size for audio increased by 35%. This demand coupled with the commercial opportunity it presents makes digital audio and media one of the investment priorities for SRMG Ventures. These opportunities are also demonstrative of our strategy and commitment to support and develop the media ecosystem, act as a catalyst for further growth and enhancement of SRMG’s offerings and services. Today, Anghami has been able to secure one of the largest user bases in audio streaming in the region, and has developed an impressive platform with extensive technological capabilities – a testament to the leadership of founders Elie Habib and Eddy Maroun. We’re looking forward to working closely with the Anghami team to realize our shared vision of elevating the region’s media and entertainment industry.”
Eddy Maroun, Co-founder & CEO of Anghami, added: “This investment from SRMG Ventures marks a significant milestone for Anghami. We have continually evolved to meet our audience’s changing demands and support the region’s rising entertainment and music industry. Working together with SRMG, a leader and innovator in regional media, Anghami will be able to unlock further opportunities to champion the music ecosystem. This partnership will propel regional artists to greater heights, expand their global reach, and create new touchpoints for our users and artists alike.”
SRMG Ventures’ investment in Anghami aligns with the group’s strategy to invest in businesses and areas of commercial growth, focusing on media creators, immersive and interactive entertainment, and digital media platforms and enablers that are at the forefront of technological and creative innovation. SRMG Ventures inaugural investments included Telfaz11, a Saudi-based creative media studio, and Vuz, a leading VR-enabled social media application. As part of the investment agreement, SRMG will be invited to join Anghami’s board of directors and will have the opportunity to increase its investment in Anghami in the future.