The platform’s number of monthly paying subscribers, meanwhile, increased 41% YoY to 1.28m subscribers.
Music streaming platform Anghami has reported that total revenue grew 29% year-over-year to $21.1m for H1 of 2022.
The number of monthly paying subscribers increased 41% year-over-year. This growth was primarily due to higher conversion rates of advertising-supported users to paying subscribers, as well as a higher number of active users, which increased 46% year-over-year to 19.5m users, resulting in increased advertising and subscription revenues. Anghami recorded negative foreign currency effects of $3.5m in revenue. Excluding these foreign currency effects and applying constant exchange rates year-over-year, revenue will have increased by more than 50% year-over-year.
Arabic content is key to Anghami’s future growth. The company has announced several partnerships and initiatives to bolster its position as a leading provider of Arabic digital content and digital entertainment in the MENA region.
Propelled by Anghami’s strategic investments in Arabic content including, Amr Diab’s exclusive content, Rotana’s vast Arabic content repertoire, and Wajeez’s Arabic audible book library, the total number of music streams on the Anghami platform reached an all-time high in the first half of 2022, with Arabic music streams now accounting for nearly 60% of total music streams – a 20% year-over-year increase.
Commenting on the development, Eddy Maroun, Co-founder, and Chief Executive Officer of Anghami, said: “The first half results should lead to a record year for Anghami in 2022. We continue to listen to the needs of our loyal users by expanding our local Arabic content and improving our technology-enabled digital streaming platform. These are the key drivers that will maintain Anghami’s leadership position in the Arabic music streaming market and make Anghami one of the leading digital entertainment platforms in the MENA region.”
Jacob Cherian, Co-Chief Executive Officer of Anghami, added: “Anghami remains committed to launching more innovative offerings, expanding its global reach and delivering value to customers through best-in-class content and innovative new features. We are confident that this positive trajectory will continue through 2022 as we benefit from our growing partnerships and offerings.”
