The UAE-based online music streaming platform Anghami announced it secured a US$5 million investment from SRMG Ventures, the venture capital arm of SRMG, according to media reports.
The investment is the third to be injected by SRMG in the online platform.
SRMG Ventures will lead Anghami’s growth in the market share of music and entertainment sector.
The funding will help Anghami’s grow its media reach, content library, and portfolio of leading assets in audio/podcasts and enable it to capture a larger share in the fast-growing sector, which is forecasted to reach $700mm in 2026.
Launched in 2012, the music and entertainment streaming platform has now 120 million registered users, who can access more than 100 million songs of Arabic and International music, podcasts, and entertainment.
The MENA music and audio industry is forecasted to grow at a CAGR of 11%, outpacing the global market.
The growth goes back to the rising prominence of Arab stars and local talent, coupled with the strategic presence of international labels including Warner, Universal, and Sony, and is cementing MENA’s position as a key player in the global music landscape.
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, and 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,” Al-Rashid added.
Eddy Maroun, Co-founder & CEO of Anghami, said: “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,” Maroun added.
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 is to join Anghami’s board of directors and there will be more potential to increase its investment in Anghami in the future.
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