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.
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.
