Anghami, the Arab world’s reply to Spotify, is eyeing additional growth following a contemporary $5 million funding by SRMG Ventures.

It marks the third funding by the enterprise capital arm of Riyadh-registered firm SRMG, which payments itself as the biggest built-in media group within the Center East and North Africa (MENA).

Anghami was launched in 2012 by Lebanese tech entrepreneurs Eddy Maroun and Elie Habib because the Arab world’s first authorized music streaming platform.

It has since expanded its actions into in-house productions, branded music and video content material, live shows and stay occasions, a report label for Arab artists, podcasts, a music lounge with stay leisure, unique and authentic Arabic content material, together with its famend music streaming service.

Per its personal figures, it has 120 million registered customers, up from 75 million customers in 2021 and a listing comprising greater than 100 million songs. It payments itself because the go-to vacation spot for Arab music and leisure.

SRMG Ventures’ strategic funding comes amid forecasts of fast progress within the MENA music and audio market.

“Audio consumption is rising quick within the MENA area,” stated SRMG CEO Jomana R. Al-Rashid.

“In 2022 alone, the market measurement for audio elevated by 35%. This demand coupled with the business alternative it presents makes digital audio and media one of many funding priorities for SRMG Ventures. These alternatives are additionally demonstrative of our technique and dedication to help and develop the media ecosystem, act as a catalyst for additional progress and enhancement of SRMG’s choices and providers.

Anghami co-founder and CEO Maroun stated the SRMG funding marked a major milestone for the platform

“We now have regularly developed to satisfy our viewers’s altering calls for and help the area’s rising leisure and music trade. Working along with SRMG, a pacesetter and innovator in regional media, Anghami will be capable of unlock additional alternatives to champion the music ecosystem,” he stated.

“This partnership will propel regional artists to higher heights, increase their world attain, and create new touchpoints for our customers and artists alike.”

SRMG Ventures has beforehand invested in main Saudi content material studio Telfaz11, and Vuz, a VR-enabled social media utility.

As a part of the funding settlement, SRMG can be invited to affix Anghami’s board of administrators and can have the chance to extend its funding in Anghami sooner or later.