Dubbed the 'Spotify of the Middle East'.. What is the next step for 'Anghami'?

Dubai, United Arab Emirates - The "Anghami" platform describes itself as the largest music streaming app in the Middle East and North Africa. It has quickly been dubbed the "Spotify of the Middle East."

The platform, launched by Eli Habib and Eddy Maroun in Beirut in 2012, is expanding its presence in the real world after amassing around 20 million active users. The Abu Dhabi-based platform has partnered with "Sony Music" to launch "Vibe," a record label aimed at supporting independent Arab music and empowering artists to "tell their stories regionally and globally," according to the two companies.

In July, "Anghami" acquired Spotlight Events, a live event organization company, and plans to hold regular concerts for local artists. In November, "Anghami" opened a music hall and recording studio in Riyadh, Saudi Arabia.

Habib says, "Artists cannot make money just from streaming music; they need to earn money from the real world as well." The local knowledge faces serious competition from companies like "Spotify" and "Apple," but the founders are confident in their ability to maintain their success by relying on their understanding of the region's audience. Maroun states, "We are Arabs but we are influenced by the Western world, and this is reflected in our product," adding, "This is why our product is truly more relevant."

The duo explains that nurturing and developing Arab talent is crucial to their mission. Among the 73 million songs on the platform, Habib points out that only 1% of them are in Arabic, yet these same songs generate 60% of the total visits on "Anghami."

He adds: "We realize that we need to develop this 1%." In February 2022, the company signed an exclusive partnership with the Egyptian star Amr Diab, who became the most popular artist on "Anghami," after achieving over a billion listens on the platform.

At the same time, "Anghami" was listed on the NASDAQ in New York, making it the first Arab tech company to do so, according to the company's founders. Maroun says: "It was a wonderful moment; we felt that we were truly bringing an entire nation with us."

In the first half of 2022, the company saw a 29% growth in profits and a 41% growth in monthly subscribers compared to the same period the previous year. Since then, in a tougher economic climate, the company has reduced one-fifth of its workforce, but the founders are confident in their ability to continue growing the platform.

"We never thought about IPOs, and we never thought about the millions of users who use our platform daily." He adds, "Going public is not the desired end goal - the desired end goal is to create something you can be proud of."