Anghami Secures $55 Million Funding Commitment from OSN to Enhance MENA Digital Entertainment
Middle Eastern streaming service Anghami has secured an "up to $55 million commitment" from OSN Group, following their partnership deal from November 2023. The funding begins with a $12 million convertible note investment, maturing in December 2027 with an 11% annual interest rate.
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Key Details:
- Initial $12 million investment through convertible notes
- OSN can convert the investment into ANGH shares at any time
- Anghami must maintain a minimum cash balance of $1 million
- Partnership led to April launch of revamped OSN+ video platform
Performance Metrics:
- 41% growth in video streaming subscribers since April
- 120 million registered users
- 3.5 million paid subscribers
- 18% ARPU increase among direct subscribers in 2024
- 28% growth in streaming engagement
Despite positive performance indicators, Anghami's stock (NASDAQ: ANGH) declined by 5% to 81 cents per share, representing a market cap of approximately $55 million. This represents a 25% decrease since the start of 2024 and an even larger decline from the $2 share price during the OSN deal closure in April.
Elie Habib, Anghami's CEO and OSN+ CEO, emphasized the partnership's success: "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."
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