Anghami Inc

Anghami Inc. operates as a technology-driven multimedia streaming platform primarily focused on the Middle East and North Africa (MENA) region, offering a comprehensive ecosystem of exclusive premium video, music, podcasts, live entertainment, and audio services ¹. The company was the first music-streaming platform in the MENA Region, launched in 2012, and expanded into video streaming in April 2024 through a strategic transaction with OSN Streaming Limited, acquiring the OSN+ digital streaming service ². As of December 31, 2025, Anghami serves over 130 million registered users and 3.5 million subscribers ³. The company's business model is centered on generating revenue from subscriptions, advertising, and live events, with subscriptions accounting for 90% of total revenues in fiscal year 2025 ⁴.

The core business model of Anghami involves offering music streaming services through the Anghami app via two primary plans: Free (Ad-supported) and Anghami Plus (Premium service), which includes individual, family, student, and limited plans with varying pricing and durations ⁵. For video streaming, services are offered through the OSN+ app with three subscription plan options: Premium (4K), Standard (HD), and Standard with Ads (HD) ⁶. The company generates revenue from these subscriptions, impression-based digital advertising on its free and ad-supported tiers, and non-impression-based services like production and branded content ⁷. Additionally, Anghami generates revenue from live events through ticket sales and sponsorships ⁸.

The music streaming segment (Anghami app) provides access to over 100 million Arabic and International songs and podcasts ⁹. Arabic music accounts for approximately 70% of total streams on Anghami in 2025, up from 66% in the prior year, despite comprising only about 1% of the total music library ¹⁰. The company has licensing agreements with major global labels such as Universal Music Group, Sony Music, and Warner Music Group, as well as thousands of independent labels ¹¹. Key features include AI Mix, Radar (personalized discovery), social listening, personalized mixtapes, and curated playlists ¹².

The video streaming segment (OSN+ app), acquired in April 2024, offers an extensive library of over 18,000 hours of premium video, including exclusive HBO content, Arabic and Turkish content, and OSN+ Originals like "The Fashionista" ¹³. OSN+ also introduced live TV channels for paid subscribers in Q1 2026, with an initial offering of twelve channels ¹⁴. The platform leverages an in-house recommendation engine for personalized experiences and supports 4K quality, Dolby Atmos, and Dolby Vision on some content ¹⁵.

For the fiscal year ended December 31, 2025, Anghami reported total revenue of $99,304,526 ¹⁶, an increase of 27.16% from $78,093,405 in 2024 ¹⁷. Gross loss for the year was $(25,253,139) ¹⁸, compared to a gross loss of $(24,022,811) in 2024 ¹⁹. The consolidated gross margin was (25.43)% in 2025 ²⁰, an improvement from (30.76)% in 2024 ²¹. Operating loss for 2025 was $(87,373,360) ²², compared to $(62,139,512) in 2024 ²³. Net loss for the year was $(89,571,559) ²⁴, with basic and diluted loss per share attributable to equity holders of the Parent at $(13.16) ²⁵. Cash and cash equivalents stood at $22,248,279 as of December 31, 2025 ²⁶. The company had total equity of $26,026,249 ²⁷ and total liabilities of $87,840,987 ²⁸ at year-end 2025.

Year-over-year, subscription revenue increased by $24,200,691 ²⁹, or 37.24% ³⁰, from $64,991,807 in 2024 to $89,192,498 in 2025 ³¹. This growth was primarily due to the full twelve-month consolidation of OSN+ revenues in 2025, compared to nine months in 2024, and underlying subscriber growth ³². Revenue from advertisement decreased by $2,869,952 ³³, or (25.58)% ³⁴, from $11,221,050 in 2024 to $8,351,098 in 2025 ³⁵, mainly due to a reduction in non-recurring barter transaction revenue ³⁶. Live events revenue also decreased by $119,618 ³⁷, or (6.36)% ³⁸, to $1,760,930 in 2025 ³⁹. Content acquisition and royalty costs increased by $23,372,834 ⁴⁰, or 30.21% ⁴¹, to $100,752,055 in 2025 ⁴², driven by a full year of fixed video content expenses from OSN+ ⁴³. The subscription segment's gross margin improved from (42.26)% in 2024 to (33.73)% in 2025 ⁴⁴, attributed to subscription revenue growth against fixed video content costs ⁴⁵.

During the reported period, Anghami completed a significant transaction on April 1, 2024, acquiring various contracts associated with the operation of the OSN+ digital streaming service from OSN Streaming Limited ⁴⁶. This acquisition included the OSN+ brand valued at $76,000,000 and subscriber relationships valued at $19,000,000 ⁴⁷. In 2025, OSN Streaming increased its ownership in Anghami from 55.45% to 67.01% through multiple funding tranches ⁴⁸. The company also implemented a one-for-ten reverse stock split of its Ordinary Shares on August 1, 2025, changing the par value from USD 0.0001 to USD 0.001 per share ⁴⁹. In April 2026, Anghami entered into a senior unsecured loan agreement with UBC Ventures W.L.L. for a committed facility of up to $20,000,000 to support general corporate and working capital needs ⁵⁰.

Anghami's growth strategy is concentrated on three key areas: capitalizing on the increasing digital music and video market growth in the MENA Region, leveraging its current market position, unique multimedia offering, and knowledge to increase revenue generation and market penetration, and new user acquisition through differentiated offerings and strategic partnerships ⁵¹. The company aims to drive subscription growth through optimizing digital marketing channels, refining subscription offers, improving conversion rates by understanding the user lifecycle, and enhancing platform localization and quality ⁵². Strategic B2B partnerships are also planned to extend reach and unlock new distribution channels ⁵³.

In the music segment, Anghami intends to capitalize on the large streaming growth potential in its core MENA markets, where penetration is still in the single digits compared to 35-40% in the U.S. and 25-30% in Europe ⁵⁴. The strong and increasing demand for Arabic music, which accounts for approximately 70% of streams on the platform, is a key focus, with active investments in original productions and exclusive partnerships to bridge the gap between Arabic and international catalogs ⁵⁵. The company also expects to benefit from the global expansion of Arabic music, attracting more users in focus markets and the global Arab diaspora, thereby enhancing platform appeal and user engagement ⁵⁶.

For video streaming, the growth strategy focuses on scaling across several pillars, including exclusive access to premium international content like HBO, localized and original productions such as "The Fashionista," and the introduction of live TV channels for paid subscribers in Q1 2026, starting with twelve channels ⁵⁷. Strategic partnerships, such as the bundled offering with Shahid and Disney launched in late 2025, are intended to increase reach, enhance user engagement, improve customer retention, and reduce churn by expanding content breadth and overall value ⁵⁸.

Operationally, Anghami aims to improve its gross profit margin for the Advertisement segment by reducing the volume of barter agreements, which adversely impact margins ⁵⁹. The company also plans to prioritize larger-scale live events, such as the Amr Diab concert held in Abu Dhabi in 2025, which serve as both a revenue stream and a marketing tool to enhance brand value ⁶⁰. Technology infrastructure costs decreased by 17% year-on-year in 2025, primarily due to the absence of one-off costs incurred in 2024 related to the technical integration of the video streaming platform, and ongoing optimization is expected to contribute to further cost efficiencies ⁶¹. Management continues to address material weaknesses in internal controls, including strengthening finance and control environments, enhancing entity-level controls, and implementing an ERP system (Microsoft Dynamics 365) ⁶².

Planned capital allocation includes continued expenditure on securing top-quality audio and video content, creating new original content, investing in technology infrastructure for scalability and security, research and development for new features, and sales and marketing ⁶³. The company received a committed facility of up to $20,000,000 from UBC Ventures W.L.L. in April 2026 to support general corporate and working capital needs ⁶⁴.

Management explicitly flagged several structural headwinds and execution risks. The fixed-cost nature of video content obligations creates structural margin risk if OSN+ subscriber growth underperforms, as content costs as a percentage of revenue would increase with no short-term ability to reduce the obligation ⁶⁵. Piracy of video content, particularly in the MENA region, is a persistent competitive threat that is difficult to mitigate, as piracy services offer similar content at zero cost ⁶⁶. The company's dependence on OSN Group for securing and delivering content means Anghami has no direct relationship with content studios or influence over HBO licensing terms, exposing it to risks if exclusivity windows are reduced or licensing fees increase ⁶⁷. AI-generated music flooding the platform is a concern, as it could dilute royalty pools, distort recommendation systems, and damage relationships with major labels ⁶⁸. Additionally, the legal framework for copyright ownership of AI-generated content is uncertain, creating potential licensing and liability exposure ⁶⁹.

Anghami faces material risks including significant competition from global streaming services like Spotify, YouTube, Amazon Prime, Netflix, Apple, and Disney, which often have greater brand recognition, resources, and preloaded services on devices ⁷⁰. Geopolitical instability and economic uncertainty in the MENA region, including ongoing military conflicts in Iran, Lebanon, and Gaza, pose substantial risks to business operations, consumer demand, and financial performance, potentially disrupting global markets and increasing costs ⁷¹. Currency fluctuations, particularly in Egypt and Lebanon, continue to impact revenue, with the Egyptian Pound remaining volatile and experiencing renewed pressure in March 2026, weakening beyond 50 per USD ⁷². The company has incurred significant operating losses, with a net loss of $89,571,559 in 2025 ⁷³, and has accumulated losses of $291,972,940 as of December 31, 2025 ⁷⁴, raising substantial doubt about its ability to continue as a going concern without external funding ⁷⁵. Material weaknesses in internal controls over financial reporting, identified since 2022 and still in remediation as of December 31, 2025, could lead to inaccurate financial reporting and impact investor confidence ⁷⁶. The complex and evolving nature of music and video content licensing agreements, including minimum guarantees and potential changes in royalty rates, could materially impact the business and financial condition ⁷⁷.

Management's message to shareholders emphasizes a strategic pivot towards becoming a comprehensive digital entertainment powerhouse, driven by the integration of the OSN+ video streaming business in April 2024. They acknowledge the significant operating losses, including $87,373,360 in 2025 ⁷⁸, and the need for external funding, which has been partially addressed by a $20,000,000 ⁷⁹ committed loan facility from UBC Ventures W.L.L. in April 2026. Management is focused on sustainable revenue growth and margin improvement through initiatives like price adjustments and new payment methods in economically impacted markets, and renegotiating content and Telco deals. Key strategic priorities include capitalizing on the increasing digital music and video market growth in the MENA Region, leveraging the combined market position and knowledge to increase revenue generation and market penetration, and acquiring new users through differentiated offerings and strategic partnerships. They highlight the importance of localized content, in-house technology capabilities for rapid innovation, and strong local partnerships, particularly with Telcos, as core strengths.