SRMG Ventures, the venture capital division of Riyadh-based conglomerate Saudi Research and Media Group, has invested $5 million in Anghami, an Arab-focused music streaming service. The investment is aimed at supporting Anghami’s growth in the rapidly expanding Middle East and North Africa music streaming sector, projected to reach $700 million by 2026.
In addition to the financial investment, SRMG Ventures will provide Anghami with access to its extensive media reach, content library, and leading assets in audio and podcasts. SRMG will also join Anghami’s board of directors and holds an option to increase its investment in the future.
Founded in Beirut in 2012, Anghami has grown to become a prominent player in the music streaming industry in the MENA region, offering in-house productions, branded content, concerts, live events, and even a record label for Arab artists. The company currently boasts 120 million registered users and a catalog of more than 100 million songs.
This collaboration aligns with SRMG’s broader strategy, which includes a partnership with Billboard to launch Billboard Arabia, focusing on Arab music talent.
SRMG CEO Jomana R. Al-Rashid commented, “Audio consumption is growing fast in the MENA region,” noting that last year, “the [regional] market size for audio increased by 35%.” She added, “This demand coupled with the commercial opportunity it presents makes digital audio and media one of the investment priorities for SRMG Ventures,” and emphasized that “these opportunities are also demonstrative of our strategy and commitment to support and develop the media ecosystem.”
Anghami co-founder and CEO Eddy Maroun said, “Working together with SRMG, a leader and innovator in regional media, Anghami will be able to unlock further opportunities to champion the music ecosystem.”
