Anghami, the foremost music and entertainment streaming platform in the Middle East and Africa (MENA) region, has recently announced its preliminary results for the third quarter of 2023. The company's Q3 2023 performance showcased robust growth across various key metrics compared to the same period in 2022. Additionally, Anghami disclosed significant strategic advancements that are poised to revolutionize the digital media streaming landscape.
Key Highlights of Anghami's Q3 2023 Performance
Anghami reported a remarkable surge in subscribers, reaching 1.73 million by September 30, 2023, marking a 17% year-over-year growth. The company's Adjusted Revenue for the nine months ending on the same date soared by 8% to $30 million, demonstrating a consistent upward trajectory in its financial performance.
One of the most notable achievements was the substantial improvement in Gross Profit Margin, which escalated to 22% for the nine months ending September 30, 2023, showcasing a significant enhancement from the 12% recorded in the corresponding period in 2022.
Strategic and Operational Developments
Anghami's strategic moves during this period underscore its commitment to growth and innovation. Notable highlights include:
Strategic Investments: Anghami secured a strategic investment of $5 million from SRMG and a significant $50 million investment from OSN Group, aiming to accelerate growth and integration in technology, innovation, and content creation.
Collaboration with Amr Diab: An exclusive collaboration with Amr Diab, a megastar in the MENA region, is set to launch his highly anticipated "Makanak" album exclusively on Anghami on December 28, 2023, along with a series of live concerts.
Enhanced Subscription Plans: Anghami introduced its highest subscription tier, Anghami Gold, offering advanced features and an enhanced listening experience through AI-powered content curation.
Revenue Diversification: The company witnessed significant growth in advertising revenue, attributed to the success of Anghami Studios and improved terms with advertising partners, expanding its core in-app advertising business.
Future Outlook and Strategic Vision
Eddy Maroun, Co-founder, and CEO of Anghami, emphasized the transformative nature of the strategic investments and partnerships. Maroun highlighted the integration of video streaming capabilities, driven by the collaboration with OSN Group, as a move set to elevate user experience and broaden service offerings.
Anghami remains focused on expanding its direct business segments while continually optimizing key commercial contracts. The company's commitment to driving growth and improving margins positions it strongly in high ARPU markets within the GCC.
Conclusion
Anghami's preliminary results for Q3 2023 reflect an upward trajectory in subscriber growth, revenue, and strategic developments. With transformative partnerships, enhanced subscription plans, and a robust content ecosystem, Anghami is poised to further solidify its position as a digital media streaming powerhouse in the MENA region.
Note: The above article contains information as of the date provided and is subject to potential revisions or updates.
About Anghami Inc. (NASDAQ: ANGH)
Anghami, founded in 2012, stands as the leading music streaming platform in the MENA region, providing a comprehensive ecosystem for music, podcasts, events, and more. With a vast content library, strategic partnerships, and a commitment to innovation, Anghami continues to shape the digital entertainment landscape across multiple countries.
Cautionary Statement Regarding Forward-Looking Statements: The article contains forward-looking statements subject to potential risks and uncertainties, as detailed in Anghami's cautionary statement regarding future projections and developments.
To learn more about Anghami, visit: https://anghami.com
