Business

MBC Group’s Strategic Stake: Anghami’s Symphony of Growth in MENA Media

In a significant move within the MENA media landscape, Saudi Arabia’s renowned media juggernaut, MBC Group, has quietly secured a substantial 13.7% stake in Anghami, a prominent music streaming service in the region.

Under the guise of its investment arm, MBC Ventures, MBC Group tactfully acquired 4,074,533 ordinary shares of Anghami, marking a strategic foray into the burgeoning digital entertainment sector.

Although precise financial details remain undisclosed, Anghami’s closing price of $1.00 on March 19 hints at an approximate investment of $4.074 million. However, the true impact of MBC’s stake became palpable when Anghami’s share price skyrocketed by a staggering 59% on March 20, culminating at $1.59 per share—a valuation of MBC’s stake at $6.48 million, the highest since December 13, 2023.

MBC Group, formerly recognized as the Middle East Broadcasting Center, stands as a governmental media conglomerate in Saudi Arabia. Its recent triumph with an oversubscribed IPO on the Saudi Exchange in January, raising an impressive SAR 831 million ($221.6 million) and garnering 66 times oversubscription, solidifies its stature as a key player in the MENA media arena.

The collaboration between MBC Group and Anghami marks a watershed moment for the MENA entertainment industry. Founded in 2012 by entrepreneurs Eddy Maroun and Elie Habib, Anghami boasts a substantial subscriber base of over 1.73 million across the MENA region. However, the landscape is fiercely competitive, with global behemoths like Spotify eyeing Anghami’s potential in the lucrative MENA market.

For Anghami, the alliance with MBC Group presents a myriad of opportunities, capitalizing on MBC’s expansive distribution network and unparalleled content creation expertise to amplify its reach and enrich its offerings. Conversely, MBC Group’s investment in Anghami reinforces its stronghold in the media streaming domain, tapping into Anghami’s predominantly younger user demographic and potentially amplifying its content libraries.

In a recent development indicative of further growth prospects, Anghami has renewed and expanded its collaboration with the esteemed Arabic record label, Rotana Music, signaling a strategic pivot towards live concerts and artist collaborations—an endeavor likely to propel both Anghami and MBC Group to greater heights in the dynamic MENA entertainment sphere.

Leave a Reply

Your email address will not be published. Required fields are marked *