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12 January 2020

Middle East music streaming app weighs business options

Beirut-based start-up Anghami has grown to become one of the region’s most popular streaming platforms.

Anghami is also considering raising fresh capital to fund its expansion/iStock

Anghami, Middle Eastern music streaming service is assessing its options for the business, including a potential sale to Dubai-based Orbit Showtime Network, reported Bloomberg.

Anghami could be valued around $400 million if a deal goes ahead and several conditions are met.

The company is also said to be considering hiring investment bank JPMorgan Chase & Co. to raise fresh capital as another option to fund its expansion.

The Middle East is attracting world’s biggest streaming services with Anghami now facing competition from Spotify and Deezer.

Deezer attracted a SAR 1 billion ($267 million) investment from Saudi billionaire Prince Alwaleed Bin Talal in 2018.

Anghami signed a deal last year with OSN’s streaming service Wavo, which included the rights to stream the final season of hit TV series Game of Thrones.”

Founded in 2013, the company has offices in Beirut, Dubai and three other Middle Eastern cities. Its shareholders include Middle East Venture Partners, Samena Capital as well as Emirates Integrated Telecommunications Company, MBC Group and Etihad Etisalat Company.

RELATED STORIES: JPMorgan Chase & Co. Orbit Showtime Network Deezer Anghami





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