Anghami Strengthens Regional Streaming Leadership with up
to $55 Million Commitment from OSN
Group
ABU
DHABI, UAE, Dec. 16,
2024 /PRNewswire/ -- Building on the success of their
partnership, Anghami Inc. (NASDAQ: ANGH) has announced that it
secured a significant new round of funding, from OSN Group of up to
USD $55 million with a USD
$12 million initial investment in a
convertible note program. This investment represents a significant
milestone in Anghami Inc.'s journey to redefine digital
entertainment in the MENA region, further solidifying its position
as the go-to destination for premium audio and video content.
Since the initial strategic partnership between OSN and Anghami
Inc. in April 2024, which brought
together the unparalleled premium video streaming capabilities of
OSN+ and its 18,000 hours of content with Anghami's robust audio
portfolio of over 100 million songs and podcasts, the partnership
has delivered robust growth.
Highlights include:
- Rebuilt and relaunched the new OSN+ platform, resulting in
increased time spent and higher engagement of
subscribers
- Launched the new 4K Premium
Plan with Dolby Atmos and Dolby Vision
- Delivered a 41% growth in video streaming subscribers
between April and October 2024.
- Implementation of sophisticated improvements in the AI
recommendation engine, resulting in enhanced content
discoverability
This latest investment aims to accelerate Anghami and OSN+'s
growth trajectory, enabling the platforms to expand their content
library, enhance user experience through cutting-edge technologies,
and strengthen their presence across the MENA region. It is also
aimed to drive innovations such as AI-driven personalization and
next-generation streaming technologies.
Elie Habib, CEO of Anghami and
OSN+, said: "The success of this partnership is a testament
to 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 even further and expand
our reach."
Joe Kawkabani, CEO, OSN Group
added: "This new round of funding reflects our unwavering
belief in Anghami's potential to lead the MENA region in digital
entertainment. Together, we will continue redefining how audiences
experience premium content, ensuring our platform remains a pioneer
in the industry."
About Anghami Inc. (NASDAQ: ANGH) :
Anghami is the leading multi-media technology streaming platform
in the Middle East and
North Africa ("MENA") region,
offering a comprehensive ecosystem of exclusive premium video,
music, podcasts, live entertainment, audio services, and more.
In a strategic move in April 2024,
Anghami joined forces with OSN+, a leading video streaming
platform, forming a digital entertainment powerhouse. This pivotal
transaction strengthened Anghami's position as a go-to destination,
boasting an extensive library of over 18,000 hours of premium
video, including exclusive HBO content, alongside 100+ million
Arabic and International songs and podcasts. The OSN+ platform
delivers the latest content at the same time as the US, including
critically acclaimed must-see series and movies as well as
world-class Arabic content and OSN+ Originals.
With a user base exceeding 120 million registered users and 3.5
million paid subscribers, Anghami has partnered with 47 telcos
across MENA, facilitating customer acquisition and subscription
payment, in addition to establishing relationships with major film
studios, entertainment giants, and music labels, both regional and
international. Headquartered in Abu
Dhabi, UAE, Anghami operates in 16 countries across MENA,
with offices in Beirut,
Dubai, Cairo, and Riyadh.
To learn more about Anghami, please visit:
https://anghami.com.
About OSN Group
OSN Group is the leading network for premium entertainment in
the MENA region, operating in 22 countries featuring exclusive,
in-demand global and local hit TV series and films as well as
premium music offerings. OSN Group delivers content across multiple
products: OSN+, OSNtv, Anghami and B2B offerings across the
region.
Home to the most compelling content from global studios,
including Warner Bros. Discovery and NBCUniversal, OSN spearheads
premium content including Western, Arabic, Turkish, and more across
its divisions, distinctively known for exclusively broadcasting the
latest HBO content on the same day as the US, including popular
series, blockbuster movies, and the best in kids and lifestyle
programming. OSN Group was formed in 2009 by the merger of the two
largest subscription TV networks in the region, namely Orbit and
Showtime Arabia, and is a subsidiary of KIPCO – Kuwait Projects
Company (Holding).
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains "forward-looking statements" within
the meaning of the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995. Anghami's actual
results may differ from its expectations, estimates, and
projections and, consequently, you should not rely on these
forward-looking statements as predictions of future events. Words
such as "expect," "estimate," "start," "project," "budget,"
"forecast," "preliminary," "anticipate," "aims," "intend," "plan,"
"may," "will," "could," "should," "believes," "continue,"
"predicts," "potential," "transform," "commitment" and similar
expressions (or the negative versions of such words or expressions)
are intended to identify such forward-looking statements. These
statements include those related to the effect of the investment
and partnership for the platforms, users, OSN Group and Anghami and
innovation. These forward-looking statements involve significant
risks and uncertainties that could cause the actual results to
differ materially from those discussed in the forward-looking
statements. Most of these factors are outside Anghami's control and
are difficult to predict. Factors that may cause such differences
include, but are not limited to: the outcome of any legal
proceedings that may be instituted against Anghami; changes in
applicable laws or regulations; and the possibility that Anghami
may be adversely affected by other economic, business, and/or
competitive factors; and other risks and uncertainties identified
in Anghami's fiscal 2023 annual report on Form 20-F filed with the
U.S. Securities and Exchange Commission (the "SEC") on April 29, 2024, including those under "Risk
Factors" therein, and in other documents filed or to be filed with
the SEC by Anghami and available at the SEC's website at
www.sec.gov. Anghami cautions that the foregoing list of factors is
not exclusive. Anghami cautions readers not to place undue reliance
upon any forward-looking statements, which speak only as of the
date made. Except as required by law, Anghami does not undertake or
accept any obligation or undertaking to release publicly any
updates or revisions to any forward-looking statements to reflect
any change in its expectations or any change in events, conditions,
or circumstances on which any such statement is based.
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