Anghami, the Arab world's music streaming rival to Spotify, reported a 29 per cent rise in first-half revenue, as its subscriber base continued to grow.
Revenue for the six-month period to the end of the June climbed to $21.1 million, Abu Dhabi-based Anghami said in a statement on Tuesday.
The number of active users jumped 46 per cent on an annual basis to 19.5 million. The company’s monthly paying subscriber base grew 41 per cent year-on-year to 1.28 million.
Anghami said half-yearly growth was driven primarily by “higher conversion rates of advertising-supported users to paying subscribers, as well as a higher number of active users”, that resulted in increased advertising and subscription revenue.
Overall first-half revenue, however, was affected by a negative foreign currency impact of $3.5m, excluding which revenue would have increased by more than 50 per cent annually on constant exchange rates basis.
"The first-half results should lead to a record year for Anghami in 2022,” said Eddy Maroun, co-founder and chief executive.
Anghami, which listed its shares in February, reported an operating loss of $13.6m last year on “significant costs” to licence content and payment royalties to music labels. However, the company's revenue in the first quarter of this year grew by 23 per cent, driven by a boost in its premium subscriber base.
The company, which distributes its application through smartphone and tablet app download stores managed by Amazon, Apple, Google, Microsoft and others, said Arabic content was key to Anghami’s growth.
During the first half, Anghami announced several deals to strengthen its position as a leading provider of digital Arabic content and entertainment in the Middle East and North Africa.
In February, the company announced an exclusive partnership with Egyptian singer Amr Diab, the most-streamed artist on the Anghami platform, to bring his entire audio and video catalogue, as well as future releases, exclusively to its platform.
“We continue to listen to the needs of our loyal users by expanding our local Arabic content and improving our technology-enabled digital streaming platform,” Mr Maroun said.
“These are the key drivers that will maintain Anghami’s leadership position in the Arabic music [industry].”
Last month, Anghami acquired Spotlight Events, a company that specialises in creating and managing live events and concerts in the Mena region, to help create one of Mena’s top digital entertainment platforms. It currently has a planned pipeline of more than 10 concerts this year.
Boosted by Anghami’s investments in Arabic content, the total number of music streams on the Anghami platform reached a record in the first half of 2022. Arabic music streams accounted for nearly 60 per cent of the total, marking a 20 per cent year-on-year increase, the company said.
"Anghami remains committed to launching more innovative offerings, expanding its global reach and delivering value to customers,” said F Jacob Cherian, co-chief executive of Anghami.
“We are confident that this positive trajectory will continue through 2022 as we benefit from our growing partnerships and offerings."
Anghami, which has partnerships with 41 telecom operators across the region, established its global base and research and development centre in Abu Dhabi Global Market last year, as part of the Abu Dhabi Investment Office's $545m innovation programme.
Adio has provided Anghami with financial and other incentives to set up at the ADGM, allowing it access to a competitive talent pool and established infrastructure.
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Sui Dhaaga: Made in India
Director: Sharat Katariya
Starring: Varun Dhawan, Anushka Sharma, Raghubir Yadav
3.5/5
Gulf Under 19s
Pools
A – Dubai College, Deira International School, Al Ain Amblers, Warriors
B – Dubai English Speaking College, Repton Royals, Jumeirah College, Gems World Academy
C – British School Al Khubairat, Abu Dhabi Harlequins, Dubai Hurricanes, Al Yasmina Academy
D – Dubai Exiles, Jumeirah English Speaking School, English College, Bahrain Colts
Recent winners
2018 – Dubai College
2017 – British School Al Khubairat
2016 – Dubai English Speaking School
2015 – Al Ain Amblers
2014 – Dubai College
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Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
Mubalada World Tennis Championship 2018 schedule
Thursday December 27
Men's quarter-finals
Kevin Anderson v Hyeon Chung 4pm
Dominic Thiem v Karen Khachanov 6pm
Women's exhibition
Serena Williams v Venus Williams 8pm
Friday December 28
5th place play-off 3pm
Men's semi-finals
Rafael Nadal v Anderson/Chung 5pm
Novak Djokovic v Thiem/Khachanov 7pm
Saturday December 29
3rd place play-off 5pm
Men's final 7pm
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Started: July 2016
Founders: Mukesh Bansal and Ankit Nagori
Based: Bangalore, India
Sector: Health & wellness
Size: 500 employees
Investment: $250 million
Investors: Accel, Oaktree Capital (US); Chiratae Ventures, Epiq Capital, Innoven Capital, Kalaari Capital, Kotak Mahindra Bank, Piramal Group’s Anand Piramal, Pratithi Investment Trust, Ratan Tata (India); and Unilever Ventures (Unilever’s global venture capital arm)
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1. Lewis Hamilton (Mercedes) 1hr 32mins 03.897sec
2. Max Verstappen (Red Bull-Honda) at 0.745s
3. Valtteri Bottas (Mercedes) 37.383s
4. Lando Norris (McLaren) 46.466s
5.Sergio Perez (Red Bull-Honda) 52.047s
6. Charles Leclerc (Ferrari) 59.090s
7. Daniel Ricciardo (McLaren) 1:06.004
8. Carlos Sainz Jr (Ferrari) 1:07.100
9. Yuki Tsunoda (AlphaTauri-Honda) 1:25.692
10. Lance Stroll (Aston Martin-Mercedes) 1:26.713,
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Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
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UAE currency: the story behind the money in your pockets
LIVING IN...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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The biog
From: Upper Egypt
Age: 78
Family: a daughter in Egypt; a son in Dubai and his wife, Nabila
Favourite Abu Dhabi activity: walking near to Emirates Palace
Favourite building in Abu Dhabi: Emirates Palace
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MATCH INFO
Manchester United 1 (Rashford 36')
Liverpool 1 (Lallana 84')
Man of the match: Marcus Rashford (Manchester United)
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Producer: Excel Entertainment & Tiger Baby
Cast: Ranveer Singh, Alia Bhatt, Kalki Koechlin, Siddhant Chaturvedi
Rating: 4/5 stars
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Hili 2: Unesco World Heritage site
The site is part of the Hili archaeological park in Al Ain. Excavations there have proved the existence of the earliest known agricultural communities in modern-day UAE. Some date to the Bronze Age but Hili 2 is an Iron Age site. The Iron Age witnessed the development of the falaj, a network of channels that funnelled water from natural springs in the area. Wells allowed settlements to be established, but falaj meant they could grow and thrive. Unesco, the UN's cultural body, awarded Al Ain's sites - including Hili 2 - world heritage status in 2011. Now the most recent dig at the site has revealed even more about the skilled people that lived and worked there.
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
