Saudi Research and Media Group’s venture capital arm, SRMG Ventures, has injected $5 million into Anghami, a music streaming competitor to Spotify in the Arab world. This strategic move aims to propel Anghami’s expansion trajectory.
By capitalizing on its “extensive media reach, content library, and portfolio of leading assets in audio/podcasts,” SRMG Ventures intends to bolster Anghami’s position in the rapidly growing music streaming sector. Predictions indicate the sector could reach $700 million in the Middle East and North Africa by 2026.
Jomana Al-Rashid, CEO of SRMG, highlighted that the Mena region experienced a 35% surge in audio market size last year. This trend, coupled with promising commercial prospects, drives SRMG’s investment focus on digital audio and media.
Anghami, founded in 2012 in Beirut and now headquartered in Abu Dhabi, boasts a remarkable user base of 120 million registered users, with over 100 million songs in its catalog. The platform has evolved into a hub for Arabic and international music, podcasts, and entertainment.
The global music streaming market is predicted to hit $103 billion by 2030, expanding at an annual rate of around 15% from over $34.5 billion in 2022.
As a leader and innovator in regional media, SRMG’s collaboration with Anghami aims to uplift the music ecosystem, empower regional artists, enhance global outreach, and provide users with enriched touchpoints. Eddy Maroun, Anghami’s Co-founder and CEO, expressed enthusiasm for the partnership’s potential to propel artists to new heights.
Anghami’s array of offerings extends beyond music streaming, encompassing in-house productions, branded content, concerts, live events, a record label for Arab artists, podcasts, a music lounge, and exclusive Arabic content.
SRMG Ventures’ investment resonates with its commitment to media creators and interactive entertainment growth, mirroring its earlier investments in Saudi’s Telfaz11 and VR-enabled social media app Vuz. Under the investment agreement, SRMG will join Anghami’s board of directors and hold the option to amplify its investment in the future.