Arabic music streaming service Anghami goes into production with the launch of “Anghami Labs”.
The UAE-based music streaming platform says other musicians and content creators will have access to it. Any music created in The Anghami Lab will be streamed exclusively on Anghami. The Anghami Lab is a joint venture with Addmind, a company focused on the hospitality industry.
The first Anghami Lab will be launched in the heart of Dubai, with locations in Abu Dhabi, Riyadh, Jeddah, Cairo, Beirut, Doha, London, New York and Los Angeles arriving soon.
“Addmind is a leading expert in the conceptualization and operation of hospitality spaces and this is a great opportunity to further enhance the value we offer digitally to be converged offline into a unique user-guest experience.” , said Eddie Maroun, co-founder and CEO of Anghami.
Anghami Labs is the first major company following the announcement of a merger with Vistas Media through SPAC. The local digital platform will be listed on the NASDAQ stock exchange in New York in the coming weeks.
“[The company] is more than just a streaming platform, they have increased the value of the music industry in the Middle East as a whole, ”said Tony Habre, CEO of Addmind. “Anghami Labs is an amazing and unique concept that embodies our rich Arab culture with an international flair – which we are excited to bring to life and develop. “
Anghami will be the first Arab technology company to be publicly traded in the United States. The platform is seen as a competitor to Spotify in the Middle East North Africa (MENA) region. It has over 70 million registered users and license agreements with Universal Music Group, Sony Music Group and Warner Music Group are in place.
Through a specialized acquisition company, Anghami publicly merged with Vistas Media. The company raised $ 100 million in an IPO in 2020. The deal values Anghami at around $ 220 million and includes a financial commitment of $ 40 million.
Anghami was launched in 2011 before iTunes was available in Lebanon, where the company started. In 2018, Spotify was launched in its 78th market to bring competition to the MENA region. But Anghami has its local root advantage to grow its audience, much like Jio Saavn in India. Anghami has increased its income by 80% over the past three years and that income is expected to increase fivefold by 2024.