The well-known music streaming platform based in Abu Dhabi have partnered with OSN+ based in Dubai to “reinvent Entertainment in the Arab World.” What changes can we expect to see? Should Netflix be worried?
Popular media company OSN+ have recently purchased a huge stake in the music streaming platform Anghami. Both based in the Middle East, this partnership should see the media world brought together. Bridging the divide between music arts and film arts. Both companies offer streaming services in their own way, but now the two can become united.
What is OSN+?
OSN+ is a streaming platform based in the Middle East and Northern Africa. It offers the latest Hollywood films, along with well-known channels HBO, Paramount+ and other world-renowned studio’s content. All of this is available via one platform, similarly to Netflix. Allowing subscribers to access current content in just a few clicks.
The following countries can stream through OSN+ – Algeria, Bahrain, Chad, Djibouti, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Mauritania, Morocco, Oman, Palestinian Territory, Qatar, Saudi Arabia, Somalia, South Sudan, Tunisia, United Arab Emirates, Yemen. OSN+ is described as within MENA, which stands for the Middle East and Northern Africa
OSN+ buy $50 million shares in Anghami
Video streaming company OSN+ have bought out the majority of Anghami. Combining their accounts will see over 120 million registered users, 2.5 million subscribers and over $100 million revenue. This is the first complete partnership of its kind. Both platforms have been raised from nothing and are known as ‘home-grown’ because of this.
The media company have said they will be adding up to $50 million into the music platform. This is in USD. Users of the platforms will have a unique experience, seeing a catalogue of over 100 million songs, combine with premium video streaming content. These videos are driven by AI and are suggested based upon a user’s preferences.
The shares have been valued at $3.65 per share. It’s been said that the music platform will remain on Nasdaq, which is a trading website. The shares have increased drastically since the announcement. As 2024 draws to an end, so should the transaction. While the initial agreement has been made, they are still working on the fine print.
Anghami’s revenue has grown in the past few years
Anghami previously said that their revenue had shot up by more than 35%. This grew to $48 million in 2022. They also released data showing they have 120 million registered users, which grew massively, as in 2021 they were sat at 75 million. Also, their paid subscribers had risen to 1.52 million. So, why are they selling shares?
The companies have said the new platform will offer a better product, which overall will improve the customer experience. Perhaps this is why. There are rival streaming platforms for both music and film, but nothing for both in one. Within the region, this will be groundbreaking. It’s the first of its kind.
Elie Habib is the co-founder of Anghami and will be the CEO of the two combined businesses. Meanwhile, OSN+ TV business will continue to be run separate. This will be independently run by CEO Joe Kawkabani. All parties are confident users will love the new changes. It will be interesting to see what the interface looks like.
Elie said, “Joining forces with OSN+ is a leap in Anghami’s journey to reinvent entertainment in the Arab World. We’re bringing together technology, music and video to build a comprehensive media ecosystem. It’s a chance to deepen our connection with our users and to create something they will truly love.”
When we find out further information, you’ll be able to find it here. We’ll continue to watch this partnership as it emerges and forms something solid. Drawing to the end of 2024 we expect to see a roadmap in place. Hopefully by then we will know exactly what it means for users on both sides and future subscribers.
