RIYADH: Music lovers helped Abu Dhabi’s streaming platform Anghami Inc. post higher revenues in both 2021 and the previous quarter thanks to a rise in subscriptions.
The Nasdaq-listed Anghami made $35.5 million in annual revenues, up 16 percent on the year, and its first-quarter revenue surged to $9.3 million, it said in a statement.
Ad-driven sales rose by 70 percent in 2021 and rose further last quarter amid a post-pandemic recovery in the advertising industry.
Anghami reached a total of 18.5 million active users by the end of the first quarter of 2022, recording a growth of 20 percent from the same period a year ago due to improved customer retention, new subscription offers, and billing enhancements.
“2021 was a very special year for us, with many significant milestones leading up to our listing on Nasdaq paving the way to achieve our growth goals that started to flourish in Q1 2022,” said CEO, Eddy Maroun.
“We are confident that this positive development will continue through 2022 as we benefit from our growing partnerships and offerings,” co-chief executive officer, F. Jacob Cherian added.
