Abu Dhabi, United Arab Emirates — Anghami Inc. (NASDAQ: ANGH), the leading streaming platform for music and entertainment in the Middle East and North Africa, has announced its unaudited preliminary results for the year 2022.
Anghami recorded a robust financial performance in 2022, with total revenue of $48.1 million, reflecting an increase of 35.6% compared to 2021, despite an unfavorable impact of foreign currency exchange rates. Anghami also experienced a growth in its total paying subscribers, reaching 1.52 million subscribers, representing a 21% increase year-on-year. Additionally, the number of music streams increased by 20% compared to 2021, highlighting the strong demand for Anghami’s content, especially with Arabic music representing 60% of Anghami’s streams.
According to Eddy Maroun, CEO and co-founder: “Our ability to provide an exceptional user experience and to deliver the best music and entertainment content in the MENA region and beyond is reflected in our strong financial performance in 2022.”
Anghami’s focus on efficiency and profitability in the second half of 2022 resulted in a significant improvement in gross margin across all business segments. Elie Habib, Chairman and co-founder, commented “The unaudited gross profit margin from paid subscriptions and ad-supported users improved by 13 percentage points in H2 over H1 2022. Also, starting in May 2023, we plan to launch new services that leverage our unique user knowledge and our deep technology credentials.”
Anghami continues to grow as an entertainment platform, investing in consumer business, content creation, advertising and payment infrastructure. Anghami also has deep knowledge in customer conversion and has recently launched verticals such as Anghami Studios, a full fledge content production arm, Vibe Music Arabia, a Joint Venture with Sony Music, Spotlight Live, an events management business, and Anghami Lab, a music lounge with artist performances in Riyadh.
Anghami aims to achieve profitability in 2023 by building on the momentum of efficiency, as reflected in its improvement in gross margins. Working with its auditor Grant Thornton, Anghami expects to release its audited full year 2022 financial results by April 15, 2023.
Anghami will be presenting to select investors at the EFG Hermes investor conference “The 17th One-on-One Conference 2023” at Atlantis, The Palm Dubai on March 8, 2023.