The archive · Consumer Apps · Strategic decision · 2012–2026
Anghami's Arabic-first streaming bet: first Arab SPAC listing, then OSN take-private bid
MENA's largest streamer bet Arabic-first catalogs and carrier billing would beat Spotify; NASDAQ SPAC listing 2022, then OSN+ merger and a take-private bid
Anghami
What the business is
Anghami is an Abu Dhabi-based music and entertainment streaming platform for the MENA region, offering music, podcasts and video with Arabic-first catalogs, offline downloads and carrier-billed subscriptions across 16 countries.
Starting capital：Listed via SPAC at roughly $220M enterprise value (2022); $55M OSN investment (2024); $57M Warner Bros. Discovery investment in majority shareholder OSN (2025)
How it started
Founded in 2012 in Beirut by Eddy Maroun and Elie Habib, Anghami became the MENA region's largest music platform, claiming a 58% market share at its listing. In February 2022 it merged with SPAC Vistas Media Acquisition Company and listed on NASDAQ as the first Arab technology company on the exchange in more than 25 years.
What happened
The listing valued the company at roughly $220M. Anghami reported over 75 million users, 72 million songs and 200,000 podcasts, and had worked with local labels to license Arabic catalogs. After listing, the stock struggled; in 2024 Saudi broadcaster MBC held 13.7%, and Anghami merged its operations with OSN+, with OSN Group investing $55M and becoming the controlling shareholder.
How it ended up
Anghami is still live and growing: FY2025 revenue rose 27% to $99.3M with 3.5M+ paid subscribers and 130M+ registered users, though profitability was still pressured by video licensing. In July 2026 its controlling shareholder OSN proposed taking the company private at $3.39 per share, subject to a special committee and approvals.
Background
Anghami was founded in Beirut in 2012 by Eddy Maroun and Elie Habib as a music streaming platform built for the Arab world: Arabic-first catalogs, an Arabic-language interface, offline downloads and carrier billing that let users pay through their phone bill. It later registered in Abu Dhabi Global Market and made the UAE its headquarters.
The bet was that MENA audiences would pay for streaming if the product was local. By its 2022 listing Anghami claimed to be the region's largest music platform with a 58% market share, 75 million users, 72 million songs and 200,000 podcasts.
In February 2022 Anghami merged with SPAC Vistas Media Acquisition Company and listed on NASDAQ — the first Arab technology company to list there in over 25 years — at roughly $220M enterprise value. Post-listing, the stock weakened; in 2024 Saudi media group MBC took a 13.7% stake, and Anghami merged operations with OSN+, with OSN Group investing $55M and becoming the controlling shareholder.
The combined company kept growing: FY2025 revenue rose 27% to $99.3M, with over 3.5 million paid subscribers across Anghami and OSN+ and more than 130 million registered users, although video licensing costs kept it from profitability. In July 2026 OSN, holding about 67%, proposed taking Anghami private at $3.39 per share; a special committee was reviewing the offer.
What has to be true
- Global streamers treated Arabic music as a side catalog; Anghami made it the product, licensing regional labels and building a local-language experience.
- Carrier billing removed the credit-card barrier, letting cash-based and underbanked users subscribe through their phone bills.
- Being first and regional let Anghami take the market-share lead — a claimed 58% at listing — even against Spotify and Apple Music.
- But a small regional streamer could not outspend global platforms, and the standalone public company eventually needed a larger owner: OSN, which now proposes taking it private.
What can be applied
Local-first can beat global giants on share, but listing is not an exit: Anghami led MENA streaming, yet ended up folded into its majority owner's take-private bid.
Aftermath
As of July 2026 Anghami continues to operate as a NASDAQ-listed company pending review of OSN's proposal. OSN, which controls about 67% of shares, offered $3.39 per share in cash to take it private; Anghami's board appointed three independent directors to a special committee to evaluate the offer, and stated that no final agreement had been reached. The company reported FY2025 revenue of $99.3M, up 27%, with over 3.5 million paid subscribers and more than 130 million registered users across MENA.
Sources
- Abu Dhabi's Anghami becomes 1st Arab tech company to be listed on Nasdaq
- Anghami secures $55m investment from OSN Group following companies' merger
- Anghami Reports FY2025 Revenue of $99.3M, Up 27%, on 3.5M Subscribers and Landmark Strategic Partnerships
- OSN seeks full ownership of Anghami in proposed take-private deal
spotted an error? The archive wants to know.
Your turn
You just read one. Describe what you are building, and see who is betting on the same thing.
Free account · 3 free questions · no card