Anghami Music Streaming Platform To Be Listed On Nasdaq

 

Image: Anghami

Spotify will soon be having competition with the United Arab Emirates-based music streaming service, Anghami, which is to soon be listed on NASDAQ. Founded in 2012, by Eddy Maroun and Elie Habib, Anghami is that the initial music-streaming platform within the MENA region. Anghami has engineered a market-leading platform, providing over fifty seven million songs to over seventy million registered users with around one billion streams per month.


Anghami's AI and machine learning algorithms method over fifty six million information points from its user base a day. Over 9 years of user information allows the corporate to predict user behavior and trends to focus its investments in areas delivering the very best come back on investment that helps improve monetisation - and can still be a key driver of revenues going forward. The Company is know to have partnerships with major record labels such as Universal Music Group, Warner, and Sony.


Anghami has licensing agreements with thousands of freelance labels and distributors to supply users with legal access to a huge catalog of music. Anghami features a physical presence in major countries within the MENA region to ascertain and maintain robust partnerships with labels, creators, brands and telecommunication corporations.  


In addition, the corporate has established direct partnerships with thirty six telecommunication corporations across the region to spice up free user acquisitions and facilitate subscriptions achieving the very best paying conversion rate in rising markets. The Company is headquartered in Abu Dhabi, at the Abu Dhabi international Market, and has offices in national capital, Dubai, Cairo and Riyadh.


The Abu Dhabi-based music streaming service declared that it'll be the primary Arab company to list on the NASDAQ. Anghami is one more international rival to Spotify wanting to achieve market share within the music streaming house. Spotify has competed directly with Apple Music, and also the former has maintained the larger share of the market with over one hundred fifty million subscribers.


Anghami has ample space to grow however continues to be less notable within the West. By listing on a significant U.S. exchange, Anghami are going to be ready to bring North yank client and capitalist eyes to its product and additional simply raise capital to grow its business. The new company plans to list beneath the Anghami name with the ticker ANGH once the deal closes within the second-quarter of 2021. Upon closing, Aghami expects to possess $142 million on its record.