Anghami Inc. (NASDAQ: ANGH) is currently experiencing a notable ascent in today’s trading session, reflecting a remarkable surge of 54.11%, bringing its stock to $2.44 at last check. This robust uptrend is directly attributable to a momentous strategic alliance forged by Anghami, reshaping the media and entertainment landscape across the Middle East and North Africa (MENA) region.
In a groundbreaking move, Anghami (ANGH) has entered into a strategic agreement with OSN+, the preeminent streaming platform for premium content in the MENA region. Anghami, renowned as the foremost music and entertainment streaming platform in the area, has taken the innovative step of merging its operations with OSN+.
This groundbreaking collaboration between two indigenous brands is set to provide consumers with an unparalleled digital aggregation experience, encompassing the finest and latest offerings in premium movies, TV shows, music, podcasts, and more, thereby delivering a seamless and enriching user experience.
Backed by a substantial cash infusion of up to $50 million from OSN Group into Anghami, the deal is poised to amalgamate over 120 million registered users and more than 2.5 million paying subscribers. With a projected revenue exceeding $100 million upon completion, this transformative agreement will position Anghami as one of the region’s largest streaming platforms.
Anghami’s extensive catalog, boasting over 100 million songs, including exclusives from iconic artists such as Amr Diab, complements OSN+’s library of over 18,000 hours of video content. OSN+ holds exclusive partnerships with renowned international studios like HBO, NBC Universal, Paramount, as well as leading Arabic and Turkish studios.
Driven by a customer-centric ethos, the newly-formed platform will leverage Anghami’s robust technological infrastructure and diverse music catalog, combined with OSN+’s premium video content library. This collaboration will deliver a distinctive digital streaming experience, featuring AI-driven hyper-personalization that prioritizes recommendations based on user preferences.
The valuation of Anghami by the OSN Group at $3.65 per share, representing a 3.9x multiple of the stock’s average price over the past month, underscores the strategic significance of this partnership. Following the transaction’s closure in the first quarter of 2024, Anghami intends to maintain its listing on the Nasdaq Stock Market, with the OSN Group securing a majority stake in the company.