PRESSR: Anghami subscribers up 18% in Q1 2024
Anghami releases its annual report for the fiscal year 2023 and announces the results of the first quarter of the fiscal year 2024, recording an 18% growth in the number of subscribers and a significant improvement in the gross profit margin
Abu Dhabi, UAE – May 02 , 2024: Anghami, ( NASDAQ: ANGH ), the leading music and entertainment streaming platform in the Middle East and North Africa (MENA), today released its Annual Report on Form 20-F for the fiscal year ending December 31, 2023; and its preliminary unaudited financial results for the first quarter of 2024, ended March 31, 2024.
Comparing Q1 2024 to Q1 2023:
- Premium paid subscribers increased by 18% to 1.87 million
- Total revenue increased by 8%.
- Gross profit margin improved from 20% to 26%.
The company achieved growth in the number of premium paid subscribers and improved profit margins, driven by a consistent focus on high-quality revenues.
Anghami remains the number one music streaming platform in the MENA region for listeners who want to enjoy a wide catalogue of Arabic and international music.
Anghami has seen significant improvements in overall revenue:
- Premium paid subscribers reached 1.87 million as of March 31, 2024, an 18% increase compared to March 31, 2023.
- Total revenue increased 8%, driven primarily by a 27% growth in subscription revenue.
- Anghami has improved its user acquisition process and focused on high-margin direct subscription channels (mobile app stores and web).
This was accompanied by further improvements in terms of costs, including:
- Improved cost of sales, by renegotiating the terms of a number of key music content agreements.
- Continuous improvement of the back-end of technology that reduces technology costs while improving performance and scalability.
- Continuous expansion of AI capabilities to enhance user recommendation engines.
As a result, the company saw an improvement in reducing operating losses from US$5.4 million to US$2.7 million, reflecting progress towards profitability.
The most important strategic achievements that made Anghami a giant force in the field of digital media streaming:
- On April 1, 2024, Anghami successfully closed the landmark transaction with leading streaming platform OSN +, whereby OSN Group contributed a cash investment of USD 38 million to Anghami, in addition to the OSN + brand, OSN + video streaming business, its paid subscribers and associated recurring revenue. The transaction will transform Anghami into a digital entertainment hub that seamlessly integrates music and video streaming services.
- During March 2024, Anghami successfully managed and executed one of the most anticipated concerts by Arab superstar Amr Diab in Abu Dhabi, UAE, which created a huge regional buzz and garnered wide media attention. The concert coincided with the launch of Amr Diab’s exclusive album on Anghami, quickly achieving the status of the biggest music album release of the year and dominating the music charts.
- Underlining its achievements in 2023, Anghami concluded a number of key strategic deals, including securing an investment from leading Saudi media company SRMG , signing an expanded partnership with Rotana Music, and expanding its exclusive agreement with artist Amr Diab (including four concerts in major cities across the MENA region).
“2023 has been a transformational year for Anghami. We have repositioned our business strategy to boost margins and profitability and expanded our services across the region. We expect significant potential revenue growth following the OSN+ deal, ” said Elie Habib, co-founder and CEO of Anghami.
The challenges and obstacles that Anghami faced in 2023 delayed strategic opportunities until 2024.
Anghami’s financial performance in 2023 was directly impacted by the devaluation of the Egyptian currency. This was partially offset by strong growth in premium paid subscribers in Egypt, a key market in the MENA region.
Additionally, the Gaza war significantly disrupted advertising activities and live events in the last quarter of 2023, leading to many major projects and events being postponed until 2024.
Despite these challenges, Anghami’s core subscription business continues to grow its subscriber base, supported by its fast-growing advertising and production businesses that have delivered impressive results and overcome many challenges and obstacles in 2023. In addition, the significant improvement in gross margins and enhanced quality of revenues will position Anghami for a strong performance in 2024, as evidenced by its Q1 2024 results.
Today, Anghami filed its Annual Report on Form 20-F (“Form 20-F”) for the fiscal year ended December 31, 2023 with the U.S. Securities and Exchange Commission .
About Anghami ( NASDAQ: ANGH )
Anghami is the leading multimedia streaming technology platform in the Middle East and North Africa, offering a comprehensive ecosystem of videos, music, podcasts, live concerts, exclusive audio services and more. Since its launch in 2012, Anghami has led the way as the first music streaming platform to digitize the region’s music catalogue, redefining the entertainment and music landscape in the Arab world. In a strategic move in April 2024, Anghami joined forces with OSN +, the leading video streaming platform, to form an unprecedented digital entertainment powerhouse. This pivotal deal cements Anghami’s position as the go-to destination for users in the region, offering an extensive library of over 18,000 hours of visual content including exclusive HBO content, alongside over 100 million Arabic and international songs and podcasts. With a user base of over 120 million registered users and 2.5 million subscribers, Anghami has partnered with 47 telecom operators across the MENA region to facilitate subscription and user acquisition, as well as building relationships with global film studios, entertainment giants, and regional and global music labels. Headquartered in Abu Dhabi, UAE, Anghami operates in 16 countries across the MENA region, with offices in Beirut, Dubai, Cairo, and Riyadh.
#Corporate Data
-I finish-
To subscribe to our daily report on economic and political news developments, register here.
To sign up for Egypt Corner's daily roundup, click here.
© Press Release 2024
Disclaimer for the content of press releases
The content of this press release is provided by a third party provider. We do not assume any responsibility for, or have control over, such content. This content is provided on an 'as is' and 'as available' basis and has not been edited in any way. Neither we nor our affiliates are responsible for the accuracy, endorsement or completeness of the opinions, views, information or materials contained in this content.
The press releases are provided for informational purposes only; the content does not provide legal, investment or tax advice or any opinion regarding the suitability, value or profitability of any particular portfolio or investment strategy. We, or our affiliates, will not be liable for any errors or inaccuracies in the content, or for any actions you take based on the content. You expressly agree and acknowledge that you assume full responsibility for the use of the information contained in these press releases.
TO THE EXTENT PERMITTED BY APPLICABLE LAW, REFINITIV, ITS PARENT, SUBSIDIARIES, AFFILIATES, AND THEIR RESPECTIVE SHAREHOLDERS, DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, ADVERTISERS, CONTENT PROVIDERS AND LICENSORS (COLLECTIVELY, THE “REFINITIV PARTIES”) WILL NOT BE LIABLE (JOINTLY OR SEVERALLY) TO YOU FOR ANY DIRECT, INDIRECT, CONSEQUENTIAL, SPECIAL, INCIDENTAL, PUNITIVE OR EXEMPLARY DAMAGES; This includes, but is not limited to: lost profits, lost savings or revenues, whether caused by negligence, tort, contract or other liability theories, even if the Refinitiv Parties have been advised of the possibility of any such damages and losses or had actually anticipated their occurrence.
© ZAWYA 2024