Anghami Secures $55 Million Investment from OSN to Enhance MENA Digital Entertainment
Anghami, the Middle Eastern streaming service, has secured a commitment of up to $55 million from OSN Group, following their partnership deal from November 2023. The funding begins with a $12 million convertible note investment, maturing in December 2027 with an 11% annual interest rate.
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The collaboration has already shown promising results, with the April 2024 launch of a rebuilt OSN+ video platform leading to:
- 41% growth in video streaming subscribers
- 18% increase in ARPU among direct subscribers
- 28% growth in streaming engagement
- Total user base of 120 million registered users
- 3.5 million paid subscribers
Elie Habib, who serves as both Anghami's CEO and OSN+ CEO, emphasized the partnership's success: "With this new investment from OSN Group, we are poised to elevate the digital entertainment experience for MENA audiences even further and expand our reach."
The terms of the convertible note include:
- $12 million initial investment
- December 2027 maturity date
- 11% annual interest rate
- Requirement to maintain minimum $1 million consolidated cash balance
- OSN's option to convert debt and interest into ordinary ANGH shares
Despite these positive developments, Anghami's stock (NASDAQ: ANGH) has experienced a decline, trading at 81 cents per share, representing a 25% decrease since the beginning of 2024 and an even steeper drop from its $2 value during the April deal closure.
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