Riyadh, Saudi Arabia – SRMG Ventures, the venture capital arm of the largest integrated media group in the MENA region, has invested $5 million in Anghami, the prominent music and entertainment streaming platform in MENA region.
The music and audio sector in the MENA is projected to reach $700 million by 2026.
Anghami boasts 120 million registered users, a substantial increase from its 75 million users in 2021. The platform offers a vast collection of over 100 million songs, making it a popular destination for both Arabic and international music, podcasts, and entertainment content.
Established in 2012 as a music streaming service, Anghami has since diversified its offerings to include branded music and video content, live events, podcasts, and even its own record label for Arab artists. This evolution has reinforced its status as a leading player in the industry.
SRMG Ventures’ investment in Anghami aligns with the impressive growth trajectory of the MENA music and audio market, which is projected to grow at a Compound Annual Growth Rate (CAGR) of 11 percent, surpassing the global market.The growth is being fueled by the increasing prominence of local talent, the presence of international labels such as Warner, Universal, and Sony, and the rapid rise in audio consumption.
One of the most exciting aspects of this investment is the potential for collaboration between SRMG and Anghami. SRMG’s recent addition, Billboard Arabia, is set to utilize data from various digital streaming platforms, including Anghami, to create music charts showcasing global and regional trends. Moreover, several audio content creator outlets under SRMG, including Thmanyah, Independent Arabia, and Hia, are already active on the Anghami platform, laying the foundation for further synergies between the two entities.
“Audio consumption is growing fast in the MENA region. In 2022 alone, the market size for audio increased by 35 percent. 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,” Jomana R. Al-Rashid, CEO of SRMG, said.
“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,” he added.
Eddy Maroun, Co-founder & CEO of Anghami, said that the 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,” Maroun said. “This partnership will propel regional artists to greater heights, expand their global reach, and create new touchpoints for our users and artists alike.”