Anghami reports preliminary Q3 subscriber growth of 17% y/y

Anghami announced preliminary results for its third quarter 2023 performance. The company delivered strong results in Q3 2023 compared to Q3 2022. Additionally, the company shared a host of major strategic and operational updates: Subscribers grew 17% Y/Y reaching 1.73M, as of September 30, 2023; Adjusted Revenue grew 8% Y/Y to $30M for the 9 months ending September 30, 2023; Gross Profit Margin for the 9 months ending September 30, 2023, increased to 22%, a significant improvement compared to 12% in the comparable period of 2022; Anghami secured a $5M strategic investment from SRMG at a valuation of $2.5 per share, aimed at further accelerating growth and leveraging both parties’ resources and expertise in technology, innovation, and content. Anghami signed a milestone transaction in which OSN Group will contribute its video streaming platform and will invest up to $50M in cash in Anghami:. The investment values Anghami at $3.65 per share and is set to reshape the landscape of music and video streaming in MENA. Amr Diab’s highly anticipated “Makanak” album to debut exclusively on Anghami on December 28, 2023, accompanied by a Live Concert Tour.