SRMG’s venture capital arm invests $5m in Anghami

Unsplash.com

SRMG Ventures, the venture capital arm of the Saudi media company behind brands such as Asharq Business and Arab News, has invested $5 million in streaming platform Anghami.

Anghami launched in 2012 and has 120 million registered users, up from 75 million users in 2021, and a catalogue comprising over 100 million songs.

The first Arab tech company to list on the US stock market Nasdaq when it went public in February 2022, Anghami has expanded its portfolio beyond music streaming, providing in-house productions, branded music and video content, concerts and live events, a record label for Arab artists and podcasts.

• Brands will jump on the social commerce bandwagon in Mena
• Marketers are grappling with AI’s role in advertising
• US music company taps into Saudi hip hop with new deal

The Mena music and audio industry is forecasted to grow at a compound annual growth rate of 11 percent, outpacing the global market, SRMG said in a statement.

Billboard Arabia, the latest addition to SRMG’s media portfolio, will introduce several charts using data from the digital streaming platforms – including Anghami – to highlight the artists and songs driving the global and regional music industry. 

In addition, Thmanyah, Independent Arabia, and Hia, all audio content creator outlets under SRMG, are already present within the Anghami platform, driving continued collaboration between SRMG and Anghami.

Jomana R. Al Rashid, chief executive of SRMG, said: “Audio consumption is growing fast in the Mena region. In 2022 alone, the market size for audio increased by 35 percent. This demand, coupled with its commercial opportunity, makes digital audio and media one of the investment priorities for SRMG Ventures.”

Eddy Maroun, co-founder and CEO of Anghami, added the partnership will propel regional artists to greater heights, expand their global reach, and create new touchpoints for our users and artists alike.

As part of the investment agreement, SRMG will join Anghami’s board and will have the opportunity to increase its investment in the music streaming platform.

SRMG Ventures’ investment in Anghami aligns with its parent company’s strategy to invest in businesses and areas of commercial growth, focusing on media creators, immersive and interactive entertainment, and digital media platforms.

Among its early investments are Telfaz11, a Saudi-based creative media studio, and Vuz, a VR-enabled social media application.