Anghami’s High-Stakes Bet: Can Explosive Growth Justify Deepening Losses?

ABU DHABI, UAE – December 30, 2025 – Anghami, the leading music and entertainment platform in the Middle East and North Africa (MENA), today painted a starkly dualistic picture of its performance in the first half of 2025. The company announced a staggering 97% year-on-year revenue surge and a doubling of its paid subscriber base, achievements fueled by its transformative integration with video streaming service OSN+ and a landmark partnership with Warner Bros. Discovery. However, this explosive growth came at a significant cost, with the company posting a net loss of US$37.1 million as it invests heavily to capture the regional streaming market.

This aggressive strategy positions Anghami at a critical juncture, betting that short-term financial pain will cement its long-term dominance in an increasingly competitive digital landscape. The results lay bare a high-stakes gamble: can the platform convert its rapidly expanding user base and premium content library into a sustainable, profitable enterprise?

A Tale of Two Financials

On the surface, Anghami's H1 2025 results are a resounding success story. Revenue climbed to US$48.4 million, driven almost entirely by a booming subscription business that generated US$43 million. This was the direct result of successfully merging its vast music library with the video content of OSN+, a move that doubled its paid subscriber count to 3.54 million by the end of June. With a foundation of over 120 million registered users, the platform demonstrated a potent ability to convert free listeners into paying customers for its comprehensive entertainment bundle.

"H1 2025 revenue reached US$48.4 million, driven by subscription income rising to US$43 million following the OSN+ integration," said Elie Habib, CEO of Anghami, in a statement. He also highlighted key operational improvements, noting, "On the operational side, we delivered 99.9% uptime and improved app store ratings from 3.8 to 4.6 stars."

Yet, beneath the impressive top-line growth lies the sobering reality of significant financial strain. The US$37.1 million loss underscores the immense cost of this expansion. The company attributed the deficit to aggressive spending on subscriber acquisition for the newly integrated OSN+ service and other one-off integration costs. While common for tech companies in a high-growth phase, the scale of the loss, coupled with research indicating dwindling cash reserves and negative cash flow, raises questions about the company's financial runway and its path to profitability. Management has acknowledged the challenge, stating it is implementing measures to adjust its cost base and realize synergies from its newly achieved scale.

The Warner Bros. Discovery Effect

The cornerstone of Anghami's ambitious strategy is its deepened relationship with Warner Bros. Discovery (WBD). A US$57 million strategic investment by WBD into OSN Streaming Ltd., Anghami's majority owner, has solidified a powerful content alliance. This deal makes the Anghami-OSN+ platform the exclusive home for coveted HBO content, Max Originals, and the extensive Warner Bros. film catalog across the MENA region.

This partnership fundamentally transforms Anghami from its origins as a music-first service into a full-spectrum entertainment powerhouse. By securing exclusive rights to some of the world's most popular television series and movies, the platform gains a formidable competitive advantage. It is a direct assault on the video-on-demand market, positioning Anghami to siphon viewers who previously subscribed to multiple services. Furthermore, the deal includes a commitment to co-produce original Arabic content, addressing a critical demand for local stories and signaling a deeper investment in the region's creative ecosystem.

Navigating a Crowded Battlefield

Anghami's evolution is unfolding within one of the world's most dynamic and contested streaming markets. The company's integrated music-and-video offering is a unique proposition, but it now finds itself fighting on multiple fronts. In the video space, it faces global giant Netflix, which recently bundled its service with regional broadcaster MBC Group, and Starzplay, which has earned high user sentiment with its mix of Western content and live sports.

Perhaps its most significant regional video competitor is Shahid, the MBC-owned platform that dominates Arabic-language streaming. With a deep library of local series and films, Shahid has built a loyal following that Anghami must now work to attract. By bundling exclusive international hits with its own extensive catalog of Arabic music, Anghami is betting it can create an all-in-one subscription that is more compelling than any single-focus service. At the same time, it must continue to fend off music streaming rivals like Spotify and Apple Music, who also command significant market share in the region.

Building an Ecosystem for Growth

To fuel its subscriber growth without solely relying on costly advertising, Anghami is aggressively expanding its distribution network. New partnerships forged with e-commerce leader Noon, gaming giant PlayStation, and food delivery super-app Talabat open up powerful new channels for user acquisition. By embedding OSN+ offers within these popular platforms, Anghami can tap into massive, engaged user bases, potentially lowering its average cost per subscriber.

Looking ahead, the company has confirmed it will continue its aggressive content strategy into 2026 with more exclusive regional productions and expanded international partnerships. Management expects revenue growth to continue through the second half of the year, but cautions that profitability will remain under pressure as investments continue. The ultimate goal is to achieve "optimal scale utilization," a point where the platform's massive user base and integrated services generate enough revenue to cover its substantial operational and content costs. For investors and subscribers alike, the coming months will be a crucial test of whether Anghami's expensive bet on becoming the indispensable entertainment hub for the MENA region will ultimately pay off.