SRMG Ventures has announced a $5 million investment in Anghami.
An investment by the MENA region’s largest integrated media group in Anghami, marks a significant development in the region’s rising music and audio industry.
SRMG Ventures will boost Anghami’s growth through its extensive media reach, content library, and portfolio of leading assets in audio/podcasts.
It will also enable the music and entertainment streaming platform to capture a larger share in the sector that is forecasted to reach $700mm in 2026.
Anghami has established itself as the region’s leading music and entertainment streaming platform.
Since launching in 2012, the platform has broadened its portfolio beyond music streaming.
It now provides in-house productions, branded music and video content, concerts and live events, a record label for Arab artists, podcasts, a music lounge with live entertainment, exclusive and original Arabic content, along with its renowned music streaming service.
The breadth of data and its leading distribution capabilities present compelling collaboration opportunities with SRMG.
Billboard Arabia, the latest addition to SRMG’s media portfolio, will introduce several charts using data from the leading digital streaming platforms, including Anghami to highlight the artists and songs driving the global and regional music industry.
Thmanyah, Independent Arabia, and Hia, all notable audio content creator outlets under SRMG, are present within the Anghami platform, setting the stage for continued collaboration between SRMG and Anghami.
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 per cent.
“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.”
Eddy Maroun, Co-founder & CEO of Anghami, said: “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.”
SRMG Ventures investment in Anghami aligns with the Group’s strategy to invest in businesses and areas of commercial growth, focusing on media creators, immersive and interactive entertainment, and digital media platforms and enablers that are at the forefront of technological and creative innovation.
