Business
Anghami Reports Strong Preliminary H1 2022 Results With 29% Y-O-Y Revenue and 41% Y-O-Y Monthly Subscriber Growth
PRELIMINARY UNAUDITED RESULTS FOR FIRST HALF OF 2022 First half 2022 revenue increased 29% year-over-year to $21.1 million Active Users1 increased 46%
About this update from Anghami Inc.
[{"type":"text","content":"\nPRELIMINARY UNAUDITED RESULTS FOR FIRST HALF OF 2022\n\n\nFirst half 2022 revenue increased 29% year-over-year to $21.1 million\n\n\nActive Users1 increased 46% year-over-year to 19.5 million users\n\n\nMonthly Paying Subscribers2 increased 41% year-over-year to 1.28 million subscribers\n\n\nArabic music streams now account for close to 60% of total music streams – a 20% year-over-year increase\n\n\n ABU DHABI, United Arab Emirates--(BUSINESS WIRE)--\nAnghami Inc. (NASDAQ: ANGH) (the “Company” or “Anghami”), the leading music and entertainment streaming platform in the Middle East and Africa region (“MENA”), reported today its preliminary results for the first half of 2022 ended June 30, 2022.\n\nTotal revenue grew 29% year-over-year to $21.1 million. The number of Monthly Paying Subscribers increased 41% year-over-year. This growth was primarily due to higher conversion rates of advertising-supported users to paying subscribers, as well as a higher number of Active Users, which increased 46% year-over-year to 19.5 million users, resulting in increased advertising and subscription revenues. Anghami recorded negative foreign currency effects of $3.5 million in revenue. Excluding these foreign currency effects and applying constant exchange rates year-over-year, revenue would have increased by more than 50% year-over-year.\n\nArabic content is key to Anghami’s future growth. The Company has announced several partnerships and initiatives to bolster its position as a leading provider of Arabic digital content and digital entertainment in the MENA region.\n\n\nOn February 24, 2022, Anghami announced an exclusive partnership with Egyptian artist Amr Diab, the global megastar of Arabic music and the most streamed artist on the Anghami platform, with close to 1.2 billion streams. This exclusive partnership brings the legendary singer’s entire audio and video catalog, as well as future releases, exclusively to the Anghami platform.\n\n\n\nOn April 6, 2022, Anghami announced, a strategic partnership with Rotana Music, the Arab world’s leading music label and owner of the largest Arabic repertoire of unique content in music, media, entertainment, events, and content production.\n\n\n\nOn June 21, 2022, Anghami announced that it renewed its marketing collaboration with its strategic partner MBC Group (“MBC”) based in Saudi Arabia, the lar...