Anghami operates with a user base exceeding 120 million registered users and 2.5 million paid subscribers, and has partnered with 47 telcos across MENA. The company has evolved from a pure music service into a broader digital entertainment platform. Following the April 2024 OSN+ transaction, OSN Group acquired 55.45% in Anghami at a valuation of $3.69 per share, resulting in a combined entity with close to $100 million in revenue.
Cyborg Score Rationale
Anghami holds strong market leadership in MENA's streaming landscape with significant user scale and strategic expansion (OSN+ integration in April 2024). However, stock compliance issues and modest market capitalization (~$24.6M as of February 2026) reflect capital markets challenges and valuation pressures in a competitive streaming sector.
Top Insights
(April 2024) OSN+ integration transformed Anghami into a multi-media platform combining music (100M+ songs), video (18,000+ hours), and podcasts
Strong MENA regional moat with 120M+ registered users and 47 telco partnerships driving subscriber acquisition
Valuation challenges reflected in market cap erosion (Nasdaq compliance notices in April 2023 and October 2023)
Revenue scaling to ~$100M at April 2024 closing demonstrates monetization progress despite market headwinds