- Subscription revenue grew 27% quarter-on-quarter with total
revenue growing in line 29% year-on-year from $24.5 million to
$31.7 million
- Q3 2022 gross profit improved by 13% year-on-year, with net
ARPU up by 8%
- Profitability focus enhanced by reducing FTEs by 22%, shrinking
cloud costs by 19% despite 15% growth in plays
Anghami Inc. (NASDAQ: ANGH) (the “Company” or “Anghami”), the
leading music and entertainment streaming platform in the Middle
East and Africa region (“MENA”), reported today its preliminary
unaudited results for Q3 2022 ended September 30, 2022.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20221115005925/en/
ANGHAMI REPORTS PRELIMINARY Q3 2022
UNAUDITED RESULTS WITH 29% Y-O-Y REVENUE GROWTH AND GROSS PROFIT
INCREASE (Graphic: Business Wire)
Subscription revenue in Q3 2022 increased 27%
quarter-over-quarter, which is in line with Anghami's total revenue
growth, which also increased 29% year-over-year from $24.5 million
to $31.7 million.
"I am proud to report that we grew our Q3 2022 gross profit by
13% quarter-over-quarter, driven by an 8% increase in ARPU. Given
the impact of challenging macroeconomic conditions, we had to take
some cost disciplinary measures to improve our bottom-line
performance," said Eddy Maroun, CEO and co-founder of Anghami.
Sustained focus on profitability required tough measures such as
a 22% reduction in headcount and 19% savings in cloud computing
costs - despite a 15% increase in music traffic in Q3 2022. This
was made possible by the significant organizational and
infrastructure investments the company has made in recent quarters,
resulting in a more efficient and streamlined organization.
Another highlight for Anghami was the launch of a global
competition on TikTok called "Sound of Saudi," which celebrates the
Kingdom's expanding music sector by inviting Saudis in the country
and around the world to participate in the talent search. The show,
which began on October 12, encouraged participants to showcase
their skills as singers, composers, producers, mixers, or
instrumentalists. Winners of the final round will have their
original creations professionally produced and made available
through Anghami. To date, the contest has received over 390 million
views with 5 million engagements and over 25,000 entries. This
initiative was strongly endorsed by the Saudi Music Commission.
This is consistent with Anghami's commitment to nurture local
talents and introduce more opportunities to the local artists.
In fact, local artists focus have been an emphasis of “Spotlight
Events”, which was acquired by Anghami earlier in 2022, and has
achieved a 149% year-on-year increase in revenue in its first year
as part of the Anghami Group with various concerts such as Beat the
Heat in partnership with Dubai Tourism and Stars in the City with
Abu Dhabi Tourism, and will hold more than 15 concerts in 2022,
underlining Anghami’s ambitious new strategy.
Pursuing the entertainment expansion blueprint, the first
“Anghami Lab” Rooftop Lounge will open in Riyadh, Saudi Arabia on
18 November– as part of the Riyadh Season 2022 attractions located
in the Riyadh Boulevard City entertainment hub of Merwas, the
region's largest recording studios. Local talent will join Anghami
producers to create music and perform on one of the city's hottest
stages, while guests can enjoy a fine culinary experience with the
signature of leading hospitality group Addmind. “Anghami Lab” comes
full circle for Anghami to reinforce the entertainment strategy and
provide more avenues to connect with the fans and artists
alike.
About Anghami Inc.
As the first, and leading music streaming technology platform in
the Middle East and North Africa region (“MENA”), Anghami is the
go-to destination for Arabic and international music, podcasts, and
entertainment. With an extensive ecosystem of music, podcasts,
events and more, Anghami provides the tools for anyone to create,
curate and share their voice with the world.
Launched in 2012, Anghami was the first music streaming platform
to digitize MENA’s music catalog. Today, Anghami has one of the
largest music catalogs in MENA comprising 72 million songs and
licensed content from leading Arabic labels, international labels,
distributors, and independent artists, made available to 98 million
registered users.
Anghami has established 46 telco partnerships in MENA to
facilitate customer acquisition and subscription payment, in
parallel to building long-term relationships with, and featuring
music from, major Arabic and international music labels including
Rotana Music, Universal Music Group, Sony Music Entertainment,
Warner Music Group and the Merlin Network. Anghami is constantly
increasing its content library by licensing and producing new and
original content.
Headquartered in Abu Dhabi in the UAE, Anghami has offices in
Beirut, Dubai, Cairo, and Riyadh and operates in 16 countries
across MENA. Anghami recently expanded its service into the US and
Canada, with Europe in the pipeline.
To learn more about Anghami, please visit:
https://anghami.com
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,” “intend,” “plan,” “may,”
“will,” “could,” “should,” “believes,” “continue,” “predicts,”
“potential,” “continue,” and similar expressions (or the negative
versions of such words or expressions) are intended to identify
such forward-looking statements. 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 impact
of COVID-19 on Anghami’s business; 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 annual report on Form 20-F filed with the U.S.
Securities and Exchange Commission (the “SEC”) on May 13, 2022,
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.
Preliminary Unaudited Results for the Q3 2022
The selected preliminary unaudited results and key performance
indicators included herein are based on the Company's preliminary
estimated results for Q3 2022 ended September 30, 2022 and are
subject to revision based upon the completion of the Company's Q3
2022 financial closing processes and other developments that may
arise prior to the time its financial results are finalized. The
information is derived from preliminary reports which are subject
to change in connection with the completion of the Company's normal
closing procedures and such changes could be material. However,
management believes these preliminary unaudited results and key
performance indicators are reasonable. The Company's preliminary
unaudited results and key performance indicators are
forward-looking statements based solely on information available to
the Company as of the date of this presentation and the Company's
actual results may differ materially from these estimates. You
should not place undue reliance on these estimates.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221115005925/en/
Investor Contact: Questions addressed to Anghami Investor
Relations can be sent to ir@anghami.com
Middle East Media Contacts: Dhanya Issac / Omar Nasro,
ASDA’A BCW Dhanya.Issac@bcw-global.com /
Omar.Nasro@bcw-global.com
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