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Anghami Inc. (NASDAQ: ANGH) shares surged more than 42% in after-hours trading on Tuesday after the company released strong first-half 2025 financial results, highlighting rapid revenue growth and a sharp increase in paid subscribers. The rally reflects renewed investor confidence in Anghami’s growth strategy as the leading music and entertainment streaming platform in the Middle East and North Africa (MENA) region.
For the six months ended June 30, 2025, Anghami reported revenue of $48.4 million, representing a 97% year-over-year increase. The significant topline expansion was largely driven by the successful integration of OSN+, which has transformed Anghami into a broader digital entertainment platform beyond music streaming. Subscription revenue played a central role in this performance, rising to $43 million and accounting for the majority of total revenue.
Anghami’s user growth also remained robust during the period. The company’s paid subscriber base doubled to 3.54 million by the end of June 2025, while total registered users surpassed 120 million across the MENA region. This rapid subscriber expansion underscores the growing demand for premium streaming content and bundled entertainment services in the region.
A major catalyst behind Anghami’s momentum has been its strategic partnership with Warner Bros. Discovery. The global media giant invested $57 million in OSN Streaming Ltd., the majority owner of Anghami, strengthening exclusive content offerings such as HBO programming, Max Originals, and internationally recognized entertainment titles tailored for MENA audiences.
Despite the impressive growth, Anghami reported a net loss of $37.1 million for the first half of 2025. The loss was primarily attributed to higher investments aimed at accelerating OSN+ subscriber acquisition and covering integration-related costs. Management emphasized that cost optimization initiatives and scaling efficiencies are underway to improve profitability over time.
Looking ahead, Anghami expects continued topline growth in the second half of 2025. New OSN+ partnerships with Noon, PlayStation, and Talabat are expected to further boost subscriber growth through 2026, even as near-term investments continue to weigh on margins.
