https://arab.news/2b7d8
- Merger has received all necessary regulatory approvals, say companies
- New entity will have over 120 million registered users, 2.5 million paying subscribers and generate $100 million in revenue
LONDON: Music and entertainment streaming platform Anghami and premium video streaming service OSN+ have completed their landmark merger after receiving all necessary regulatory approvals.
The deal, announced last November, is poised to redefine streaming across the Middle East.
The Dubai-based OSN Group has invested $50 million into Anghami Inc., purchasing a 55.45 percent stake at a valuation of $3.69 per share.
The new entity will have over 120 million registered users, 2.5 million paying subscribers and is set to generate $100 million in revenue, making it a key player in the growing Middle East and North Africa market.
“We are two local, home-grown brands and that is very important because we are creating something that hasn’t been attempted yet in the region,” Elie Habib, one of Anghami’s two co-founders, said in a statement in November last year. Habib will take over as CEO of the merged company.
The companies said the merger would provide consumers with a one-stop digital hub, offering a comprehensive array of premium movies, TV shows, music, podcasts and more. This would ensure a seamless and immersive user experience featuring 18,000 hours of video content and Anghami’s vast collection of more than 100 million songs and podcasts.
Additionally, the companies said the new collaboration would leverage Anghami’s robust technological infrastructure to introduce AI-driven hyper-personalization features and cutting-edge products.
Joe Kawkabani, CEO of OSN Group, hailed the merger as a game-changer, citing the “powerful” combination of content and technology.
“You combine the power of that content with the power of the technology, with the scale that the two companies create together,” he said. “We have a pretty unique proposition and I think we have all the ingredients to succeed and fight against international competitors.”