A third investment was disclosed by SRMG Ventures, the venture capital division of the Saudi Research and Media Group (SRMG). The integrated media group has announced plans to invest $5 million in Anghami, a music and entertainment streaming service with offices in the UAE and founded in Lebanon. SRMG is dedicated to fostering the media and entertainment ecosystem in the MENA area. It plans to do so by spotting market possibilities, satisfying consumer wants, and developing new revenue sources. The venture represents a major advancement for the region’s music and audio sector, which is expected to grow at an 11% CAGR. The consistent rise is also credited to local talent, rising Arab stars, and the tactical presence of foreign record firms. This is solidifying MENA’s role as a key participant in the global music industry.
The SRMG-Anghami Strategic Venture
The group’s investment approach, which focuses on creative developers, and virtual and interactive entertainment is aligned with SRMG Ventures’ investment in Anghami. The focus will also be on the digital media platforms and drivers that are at the pinnacle of technical innovation. SRMG Ventures’ broad media reach, content library, and portfolio of top audio/podcast assets will accelerate Anghami’s growth trajectory. Additionally, they will receive a bigger slice of the quickly expanding market, anticipated to reach $700 million in 2026.
Anghami has a sizable subscriber base (120 million, up from 75 million in 2021) and a library of more than 100 million songs. It is the premier source for Arabic and international music, podcasts, and entertainment. Anghami has expanded its offerings across music streaming since its 2012 inception. At the moment, it offers live events, concerts, branded music, and video content. Additionally, it offers renowned music streaming services, podcasts, a music lounge with live entertainment, record labels for Arab musicians, and exclusive and original Arabic material.
Anghami will employ SRMG’s large media networks to speed up growth by offering users fresh experiences. Additionally, it will increase legitimate listening to music audio content in the MENA region and empower artists. Billboard Arabia, the newest addition to SRMG’s media portfolio will introduceseveralf charts employing information from the top digital streaming platforms. It will work with Anghami to help promote the musicians and songs that are shaping the local and international music scene. Additionally, all of SRMG’s content creation channels that are presently accessible through the Anghami portal will pave the way for future partnerships between the two.
Here’s what they said
Jomana R. Al-Rashid, CEO of SRMG, said:
Audio consumption is growing fast in the MENA region. In 2022 alone, the market size for audio increased by 35%. This demand coupled with the commercial opportunity it presents makes digital audio and media one of the investment priorities for SRMG Ventures. These opportunities are also demonstrative of our strategy and commitment to support and develop the media ecosystem, act as a catalyst for further growth and enhancement of SRMG’s offerings and services. Today, Anghami has been able to secure one of the largest user bases in audio streaming in the region, and has developed an impressive platform with extensive technological capabilities – a testament to the leadership of founders Elie Habib and Eddy Maroun. We’re looking forward to working closely with the Anghami team to realize our shared vision of elevating the region’s media and entertainment industry.
Eddy Maroun, Co-founder & CEO of Anghami, said:
This investment from SRMG Ventures marks a significant milestone for Anghami. We have continually evolved to meet our audience’s changing demands and support the region’s rising entertainment and music industry. Working together with SRMG, a leader and innovator in regional media, Anghami will be able to unlock further opportunities to champion the music ecosystem. This partnership will propel regional artists to greater heights, expand their global reach, and create new touchpoints for our users and artists alike.