Abu Dhabi, UAE – December 18, 2024 – Anghami Inc. (NASDAQ: ANGH) has announced securing a significant new funding round of up to $55 million from OSN Group, with an initial investment of $12 million in a convertible note program. This milestone marks a major step forward in Anghami’s mission to revolutionize digital entertainment in the MENA region, solidifying its position as the leading destination for premium audio and video content.
The funding builds on the strategic partnership established in April 2024 between Anghami and OSN, which integrated OSN+’s premium video streaming service with Anghami’s extensive library of over 100 million songs and podcasts. The collaboration has already delivered robust growth across both platforms, combining 18,000 hours of premium video content with a comprehensive audio portfolio.
Key achievements of the partnership include:
- A rebuilt and relaunched OSN+ platform, leading to increased time spent and higher subscriber engagement.
- Introduction of the 4K Premium Plan with Dolby Atmos and Dolby Vision.
- A 41% growth in video streaming subscribers between April and October 2024.
- AI-powered enhancements to the recommendation engine, resulting in improved content discoverability.
The latest investment will drive further growth by expanding the content library, introducing advanced technologies to enhance the user experience, and increasing the platforms’ presence across the MENA region. Future plans include leveraging AI-driven personalization and next-generation streaming technologies to revolutionize how audiences interact with content.
Elie Habib, CEO of Anghami and OSN+, commented:
“The success of this partnership underscores the power of collaboration and innovation. With this new investment from OSN Group, we are poised to elevate the digital entertainment experience for MENA audiences and expand our reach even further.”
Joe Kawkabani, CEO of OSN Group, stated:
“This funding reflects our strong belief in Anghami’s potential to lead the digital entertainment landscape in MENA. Together, we are redefining premium content experiences and ensuring our platforms remain pioneers in the industry.”
The partnership between Anghami and OSN continues to set new benchmarks in digital entertainment, with both companies committed to transforming the way audiences engage with audio and video content across the region.
