MENA Spotify Rival Anghami Eyes Further Expansion Following Strategic Investment By SRMG Ventures

📆 22.08.2023 17:24:00
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Anghami, the Arab world’s answer to Spotify, is eyeing further expansion following a fresh $5 million investment by SRMG Ventures. It marks the third investment by the venture capital arm of Riyadh…

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It has since expanded its activities into 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. Per its own figures, it has 120 million registered users, up from 75 million users in 2021 and a catalogue comprising more than 100 million songs. It bills itself as the go-to destination for Arab music and entertainment.

SRMG Ventures’ strategic investment comes amid forecasts of rapid growth in the MENA music and audio market.

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Saudi Arabia’s SRMG Makes Strategic Investment in Anghami, Spotify’s MENA Region RivalSRMG Ventures, the venture capital arm of Ryadh-based conglomerate Saudi Research and Media Group, has announced a small but significant $5 million investment in Anghami, which is the Arab world&8…
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