OSN+ and Anghami create video + music streaming aggregator
Details
John Moulding
| 24 November 2023
3 OSN and Anghami create video music streaming aggregator
OSN+, the premium video streamer serving MENA, is set to acquire a majority stake in Anghami, the music and podcast streaming platform, in a deal the companies say will change the face of digital entertainment in the region. The businesses will be combined.

“OSN+ and Anghami together will be the first regional platform that provides video and music. The combination of the two local home-grown brands will offer consumers unprecedented digital aggregation of the best and latest in premium movies, TV shows, music, podcasts and more, while providing a rich and seamless user experience,” the companies confirm.
OSN+ (owned by OSN, a leading entertainment company serving 22 countries in MENA, and which provides OSNtv) has over 18,000 hours of video content. The streaming service includes exclusive partnerships with international studios like HBO, NBC Universal and Paramount, plus leading Arabic and Turkish studios.

Anghami boasts a catalogue of over 100 million songs, with exclusives from artists such as Amr Diab, the best-selling Middle Eastern artist. The deal will bring together over 120 million registered users and more than 2.5 million paying subscribers. Combined revenue would be over $100 million, making the new platform a regional power player.

The combined platform will leverage Anghami's tech stack and rich music catalogue coupled with OSN+'s library of premium video content. There will be AI-driven hyper personalisation that prioritises recommendations based on user preference.

The transaction is expected to close in the first quarter of 2024, subject to customary closing conditions and regulatory approvals. The OSN Group will invest in Anghami at a valuation of $3.65 per share, 3.9x the stock's average price for the past month.

Joe Kawkabani, CEO at OSN Group, says: "This is a major milestone in OSN's journey as we continue to scale up our streaming business. Combining OSN+ content with Anghami's technology enables us to deliver the best of entertainment in one place for our customers, ensuring we are continuously evolving our offering to meet their needs.

“As two home-grown entities with an unmatched understanding of the local market, we are confident this new offering will change the face of the regional streaming landscape."

Elie Habib, the Co-Founder of Anghami who will become CEO of the combined business, comments: "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."

OSN Group is expected to make a cash investment of up to $50 million in Anghami, and Anghami intends to maintain the listing of its ordinary shares on the Nasdaq Stock Market following the closing of the transaction. OSN will continue to run its linear TV business, OSNtv, with Kawkabani as Group CEO.