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 ². In April 2024, Anghami strategically expanded its offerings by acquiring OSN+, a leading video streaming platform, forming a digital entertainment powerhouse ³. This acquisition significantly strengthened Anghami's position, providing an extensive library of over 18,000 hours of premium video, including exclusive HBO content, alongside 100+ million Arabic and International songs and podcasts ⁴. The company is headquartered in Abu Dhabi, UAE, with offices in Beirut, Dubai, Cairo, and Riyadh ⁵.

Anghami's core business model revolves around generating revenue from three primary streams: subscriptions, advertisements, and live events ⁶. Subscription revenue, which accounted for 90% of total revenues in fiscal year 2025 ⁷, is derived from Anghami Plus (music) and OSN+ (video) subscriptions. These subscriptions are available through app stores (Google Play and Apple Store), Telco partners (direct carrier billing or bundles), and direct debit/card purchases ⁸. The ad-supported free tier for music and the "Standard with Ads" tier for video are monetized through impression-based digital advertising, as well as production and branded content ⁹. Live events, such as concerts, contribute the remaining revenue through ticket sales and sponsorships ¹⁰.

The company's offerings are segmented into Music (Anghami app) and Video (OSN+ app). The Anghami app provides music streaming services through a Free (Ad-supported) plan and various Anghami Plus (Premium service) subscription plans, including individual, family, student, and limited partner plans, with pricing varying by country and currency ¹¹. The platform boasts a vast catalog of over 100 million Arabic and International songs and podcasts ¹². The OSN+ app offers video streaming services with three subscription tiers: Premium (4K), Standard (HD), and Standard with Ads (HD), providing access to thousands of hours of premium TV series and movies, including exclusive HBO content, Arabic and Turkish content, and OSN+ Originals ¹³.

For the fiscal year ended December 31, 2025, Anghami reported total revenue of $99,304,526 ¹⁴, an increase of 27.16% from $78,093,405 in 2024 ¹⁵. Revenue from subscriptions grew by 37.24% to $89,192,498 ¹⁶ from $64,991,807 in 2024 ¹⁷. However, revenue from advertisement decreased by 25.58% to $8,351,098 ¹⁸ from $11,221,050 in 2024 ¹⁹, primarily due to a reduction in barter transaction revenue ²⁰. Revenue from live events also decreased by 6.36% to $1,760,930 ²¹ from $1,880,548 in 2024 ²². The company reported a gross loss of $(25,253,139) ²³ in 2025, compared to a gross loss of $(24,022,811) in 2024 ²⁴. The gross margin was (25.43)% ²⁵ in 2025, an improvement from (30.76)% in 2024 ²⁶. Operating loss for the year was $(87,373,360) ²⁷, compared to $(62,139,512) in 2024 ²⁸. Net loss for the year was $(89,571,559) ²⁹, an increase from $(63,592,548) in 2024 ³⁰. Diluted EPS was $(13.16) ³¹ in 2025, compared to $(11.03) in 2024 ³². Cash and cash equivalents at year-end 2025 were $22,248,279 ³³, up from $14,140,792 in 2024 ³⁴. Total liabilities exceeded total assets by $26,026,249 ³⁵ as of December 31, 2025.

Year-over-year, subscription revenue increased significantly by $24,200,691 ³⁶, largely due to the full-year consolidation of OSN+ revenues in 2025 compared to nine months in 2024 ³⁷. The gross margin for the Subscription segment improved from (42.26)% in 2024 to (33.73)% in 2025 ³⁸, driven by subscription revenue growth against the largely fixed cost base of OSN+ video streaming ³⁹. Conversely, advertisement revenue declined by $2,869,952 ⁴⁰, primarily due to a reduction in barter transaction revenue, which included a one-off transaction in 2024 ⁴¹. The Advertisement segment's gross margin improved from 33.66% in 2024 to 55.28% in 2025 ⁴² due to lower volume of barter agreements ⁴³. Live events revenue decreased by $119,618 ⁴⁴, but the segment's gross margin improved from (17.74)% in 2024 to 12.07% in 2025 ⁴⁵ as the company executed one major concert with a positive margin ⁴⁶. Content acquisition and royalty costs increased by $23,372,834 ⁴⁷, mainly due to the full-year inclusion of fixed video content expenses from OSN+ ⁴⁸. Technology infrastructure costs decreased by $805,229 ⁴⁹, primarily due to the absence of one-off transitional technology expenses of approximately $675,000 incurred in 2024 related to the OSN+ platform migration ⁵⁰.

During the reported period, Anghami completed the OSN+ transaction on April 1, 2024, acquiring various contracts associated with the OSN+ digital streaming service ⁵¹. The company rebuilt the OSN+ platform in-house, delivering a faster, more streamlined user experience with 4K capabilities ⁵². In January 2025, OSN+ premiered its original production, "The Fashionista" ⁵³. In Q1 2026, OSN+ introduced live TV channels for paid subscribers, with an initial offering of twelve channels ⁵⁴. The company also entered into a bundled offering with Shahid and Disney in late 2025, representing a first-of-its-kind collaboration in the region ⁵⁵. On August 1, 2025, the Group implemented a one-for-ten reverse stock split of its Ordinary Shares ⁵⁶. On December 15, 2025, OSN Streaming converted its senior unsecured convertible notes, totaling original principal plus capitalized and accrued PIK Interest, into 2,376,171 Ordinary Shares of Anghami Inc. ⁵⁷. In April 2026, Anghami Inc. entered into a senior unsecured loan agreement with UBC Ventures W.L.L. for a committed facility of up to $20,000,000 ⁵⁸ to support general corporate and working capital needs ⁵⁹.

Anghami's primary focus for the upcoming period is driving growth through its core music and video streaming subscription offerings ⁶⁰. The company intends to optimize customer acquisition by leveraging digital marketing channels that have consistently delivered strong returns on investment ⁶¹. Furthermore, it plans to refine subscription offers throughout the year and improve conversion rates by deepening its understanding of the user lifecycle ⁶². The company is also committed to enhancing its platform to deliver localized, differentiated, and high-quality experiences to its users ⁶³. To extend its reach, Anghami aims to pursue strategic B2B partnerships that complement its direct-to-consumer efforts and unlock new distribution channels ⁶⁴.

A major growth area for Anghami is capitalizing on the increasing digital music market growth in the MENA Region, specifically through growth in streaming in its core markets, strong and increasing demand for Arabic music, and the ability of Arabic music to "go global" ⁶⁵. Music streaming remains underpenetrated in core markets, with usage in single digits among the addressable population (ages 10–50 with internet access), compared to 35–40% in the U.S. and 25–30% in Europe ⁶⁶. In 2025, MENA was the fastest-growing region globally for recorded music revenue, with streaming making up 97.5% ⁶⁷. Arabic music now accounts for approximately 70% of streams on the Anghami platform, up from 66% last year ⁶⁸, indicating growing listener demand. The company is actively investing in Arabic content through original productions and exclusive partnerships, such as the multi-year deal with Amr Diab for exclusive catalog rights and four live concerts, three of which have been executed ⁶⁹.

Another significant growth vector is scaling the video streaming business through OSN+ ⁷⁰. This involves exclusive access to premium international content, including HBO content, offered across 4K, Standard, and Standard with Ads plans ⁷¹. OSN+ is also expanding its localized and original productions, with "The Fashionista" (2024) being a recent example ⁷². In Q1 2026, OSN+ introduced live TV channels for paid subscribers, starting with twelve channels, with potential for expansion to enhance user engagement and retention ⁷³. Strategic partnerships are also key, as evidenced by the bundled offering with Shahid and Disney launched in late 2025, aimed at increasing content breadth, enhancing user engagement, and reducing churn ⁷⁴.

Operationally, Anghami aims to grow advertising revenue through four key strategies: growing the core media advertising business on the Anghami platform, continuing to offer customized advertising solutions for partners, growing the Anghami Branded Content division, and ramping up the Ad Tier on OSN+ ⁷⁵. The company also intends to continue organizing live events, with a refined focus on larger scale concerts like the Amr Diab event in Abu Dhabi in 2025, which serve as both a revenue stream and a marketing tool ⁷⁶. Anghami Lab was discontinued in 2025 ⁷⁷. The company expects its costs to increase in future periods due to substantial financial and other resources expended on securing top quality audio and video content, creating new original content, technology infrastructure, research and development, sales and marketing, and general administration ⁷⁸.

Regarding capital allocation, Anghami may require additional capital to fund operations and support business growth, including developing new features, expanding into additional markets, improving infrastructure, or acquiring complementary businesses and technologies ⁷⁹. The company may seek equity or debt financing to enhance its liquidity position or increase cash reserves ⁸⁰. In April 2026, the company secured a senior unsecured loan agreement with UBC Ventures W.L.L. for up to $20,000,000 ⁸¹ to support general corporate and working capital needs ⁸². The loan bears interest at SOFR plus an 8% margin, with interest capitalized if unpaid, and has a two-year maturity, subject to extension ⁸³.

Anghami faces significant risks across various dimensions. Macroeconomic and geopolitical instability in the MENA region and broader Middle East, including recent military conflicts and U.S. and Israeli military actions against Iran, could adversely affect business operations, economic activity, consumer demand, and financial performance ⁸⁴. Currency fluctuations, particularly in Egypt and Lebanon, pose a substantial risk, as evidenced by the Egyptian Pound's volatility in 2025 and renewed pressure in March 2026, with the USD/EGP rate weakening beyond 50 per USD ⁸⁵. Competitive threats include piracy of video content, which is structurally difficult to mitigate in the MENA region where it is widespread, and 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 their devices ⁸⁶. Regulatory risks include evolving copyright, privacy, and data security laws, such as GDPR, which can increase legal and operational costs and expose the company to fines of up to €20 million or 4% of total worldwide annual turnover ⁸⁷. Operationally, the fixed-cost nature of OSN+ video content obligations creates structural margin risk if subscriber growth underperforms, as content costs as a percentage of revenue increase with no short-term ability to reduce the obligation ⁸⁸. The company also faces risks from AI-generated music diluting royalty pools and distorting recommendation systems, and the uncertainty around copyright ownership of AI-generated content creating licensing and liability exposure ⁸⁹. Furthermore, the company has identified material weaknesses in its internal controls over financial reporting since 2022, related to a lack of sufficiently skilled personnel, insufficient entity-level controls, and inadequate IT general controls, which, if not remediated, could lead to material misstatements and impact investor confidence ⁹⁰.

Management's overall tone emphasizes a strategic pivot towards a comprehensive multimedia entertainment platform, leveraging the Anghami and OSN+ partnership to capitalize on growth opportunities in the MENA region. They highlight a focus on rapid innovation and prioritizing long-term user engagement over short-term financial results, acknowledging that this strategy may not always align with market expectations. Management explicitly states that for the year ended December 31, 2025, the company incurred a net loss of $89,571,559 ⁹¹ and had accumulated losses of $291,972,940 ⁹², with current liabilities exceeding current assets by $43,284,553 ⁹³. They acknowledge these conditions raise substantial doubt about the Group's ability to continue as a going concern but express confidence in continued financial support from the Immediate Parent Company, OSN Streaming Limited, and a committed funding of $20,000,000 ⁹⁴ from the Ultimate Parent Company, UBC Ventures W.L.L., secured in April 2026 ⁹⁵. The three strategic priorities emphasized for the period ahead are: (1) capitalizing on increasing digital music and video market growth in the MENA Region; (2) leveraging the current market position, unique multimedia offering, and knowledge to increase revenue generation and market penetration; and (3) new user acquisition through differentiated offerings and strategic partnerships ⁹⁶.