Business
Anghami Files 2023 Annual Report and Announces 2024 Q1 Results, Highlighting 18% Growth in Subscribers and Significant Margin Improvement
ABU DHABI, United Arab Emirates--(BUSINESS WIRE)-- Anghami Inc. (NASDAQ: ANGH), the leading streaming platform for music and entertainment in the Middle East
About this update from Anghami Inc.
[{"type":"text","content":" ABU DHABI, United Arab Emirates--(BUSINESS WIRE)--\nAnghami Inc. (NASDAQ: ANGH), the leading streaming platform for music and entertainment in the Middle East and North Africa region, filed its annual report on April 30th, 2024, under Form 20-F for the fiscal year ending December 31, 2023 and announced unaudited preliminary results for Q1 2024, ending March 31, 2024.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240502645142/en/Anghami Files 2023 Annual Report & Announces 2024 Q1 Results (Graphic: AETOSWire)\nComparing Q1 2024 to Q1 2023:\n\n\n\nPremium Subscribers grew 18% reaching 1.87 million\n\n\n\nTotal Revenues grew by 8%\n\n\n\nGross Margin improved from 20% to 26%\n\n\n\nPremium Subscriber Growth and Improved Margins, Driven by a Disciplined Focus on High Quality Revenue\n\n\nAnghami remains the premier MENA-based music streaming platform for listeners who want to enjoy a vast catalog of both Arabic and International music.\n\n\nAnghami has achieved significant top line improvements:\n\n\n\nPremium subscribers reached 1.87 million by March 31, 2024, an 18% increase compared to March 31, 2023\n\n\n\nTotal revenues grew by 8%, mainly driven by 27% growth in subscription revenue\n\n\n\nAnghami optimized its user acquisition and focused on high-margin direct subscription channels (mobile app stores and web)\n\n\n\nThis was coupled with further improvement on the costs side including:\n\n\n\nOptimization of cost of sales, through the renegotiation of several key content agreements\n\n\n\nContinuous streamlining of the technology backend, leading to reduction in technology costs while improving performance and scalability\n\n\n\nContinuous expansion of AI capabilities to enhance user recommendation engine\n\n\n\nAs a result, Operating loss improved from $5.4 million to $2.7 million, reflecting progress towards profitability.\n\n\nKey Strategic Milestones Set to Position Anghami as a Digital Media Streaming Powerhouse\n\n\n\nOn April 1, 2024, Anghami successfully completed the landmark OSN+ transaction, in which OSN Group contributed to Anghami a cash investment of $38 million, the OSN+ brand, the OSN+ video streaming business and associated paid subscribers and associated recurring revenue. This transaction will transform Anghami into a digital entertainment po...