Saudi-based SRMG Ventures, the venture capital arm of SRMG, has announced a $5 million investment in Anghami, the leading music and entertainment streaming platform in the Mena region.

With 120 million registered users (a significant increase from 75 million users in 2021), a substantial subscriber base and a catalogue comprising of more than 100 million songs, Anghami has emerged as the go-to platform for Arabic and International music, podcasts and entertainment.

Since launching in 2012, Anghami 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, it stated.

This strategic investment by the region’s largest integrated media group in Anghami, marks a significant development in the region’s rising music and audio industry.

It will help bolster Anghami's growth trajectory through its extensive media reach, content library, and portfolio of leading assets in audio/podcasts and enable it to capture a larger share in the fast-growing sector that is forecasted to reach $700 million in 2026.

SRMG Chief Executive Officer Jomana R. Al-Rashid said: "Audio consumption is growing fast in the Mena region. In 2022 alone, the market size for audio increased by 35%. 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," he stated.

Today, Al-Rashid said Anghami has been able to secure one of the largest user bases in audio streaming in the region, and has developed an impressive platform with extensive technological capabilities – a testament to the leadership of founders Elie Habib and Eddy Maroun.

"We’re looking forward to working closely with the Anghami team to realize our shared vision of elevating the region’s media and entertainment industry," he added.

Eddy Maroun, Co-founder & CEO of Anghami, said: "This investment from SRMG Ventures marks a significant milestone for Anghami. We have continually evolved to meet our audience’s changing demands and support the region’s rising entertainment and music industry."

"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," he added.

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