AI Sentiment: Bullish
Reason: Anghami has secured a significant investment of $55 million led by OSN Group. The funds will be used to enhance user experience, market penetration, and expand its music library. The company aims to lead the MENA music streaming market.
In a recent development, Middle Eastern music streaming service Anghami has secured a significant investment to the tune of $55 million. The funding round was led by OSN Group, a Dubai-based entertainment network. Anghami, often referred to as the "Spotify of the Middle East," has gained substantial traction since its inception in 2012, with more than 70 million users across the region.
The funds will be used to enhance Anghami's user experience, expand its user base, and deepen its market penetration in the Middle East and North Africa (MENA) region. The investment will also assist Anghami in securing more exclusives and expanding its existing library of over 57 million Arabic and international songs. The company's primary goal is to provide users with the best music experience, tailored to their individual tastes.
Anghami Co-Founder Eddy Maroun expressed his enthusiasm about the investment, stating that it would aid in the company's growth and help them continue to lead the MENA music streaming market. He also emphasized the potential collaboration with OSN on original content and entertainment formats.
With the music streaming industry's rapid growth, Anghami has managed to carve a significant niche for itself in the Middle East. It stands out due to its unique 'freemium' model, where users can listen to music for free with ads or opt for an ad-free experience by subscribing to Anghami Plus. This model has enabled Anghami to compete effectively with international giants like Spotify and Apple Music.
With this new investment, Anghami is well-positioned to further cement its place as a leading music streaming service in the Middle East, offering users a vast library of diverse music and a personalized listening experience.