Dubai-based entertainment streaming platform OSN+, part of Kuwait’s KIPCO, has announced a major stake acquisition in the Nasdaq-listed music streaming service Anghami. This move, injecting up to $50 million into the Abu Dhabi-based Anghami, represents a significant collaboration in the MENA region’s media landscape.
Merging Technologies and Content
The partnership aims to combine Anghami’s extensive music library with OSN+’s premium video content, creating a unique digital streaming experience. This AI-driven hyper-personalization will focus on user preferences, offering a comprehensive media ecosystem.
Financial Dynamics
The transaction, valuing Anghami at $3.65 per share, is set to close in the first quarter of 2024. Post-completion, OSN Group will hold a majority stake in Anghami, which experienced a 43% stock price rise to $2.26 in morning trading following the announcement.
Growth and Expansion
Anghami has seen significant growth, with revenues of $48 million in 2022, a 35% increase, and a substantial rise in paid subscribers and registered users. The merged entity will commence with over 2.5 million paying subscribers and more than $100 million in revenue.
Leadership and Vision
Elie Habib, co-founder of Anghami, will lead the merged streaming services, while OSN’s linear TV business will continue under Joe Kawkabani. Habib envisions creating a comprehensive media ecosystem, deepening user engagement.
Recent Investments and Market Presence
Anghami recently received a $5 million investment from Saudi Arabia’s SRMG and navigated a Nasdaq stock price challenge. OSN+ offers diverse content in 22 countries, and Anghami boasts numerous telco partnerships and licensing deals in the MENA region.
Future Outlook
This partnership is seen as a transformative step for OSN, enhancing its streaming services by integrating Anghami’s technology. The collaboration is expected to revolutionize the regional streaming landscape, combining the expertise of two home-grown entities with a deep understanding of local market dynamics.
