The bosses at Beirut-based music streaming service Anghami are contemplating selling all or part of the company.
Anghami, one of the biggest music streaming players in the Middle East, say it has been “approached by multiple parties” with acquisition and equity deal offers.
That’s according to co-founder and CEO Elie Habib (pictured), who told CNN that “We signed up JP Morgan to raise a round of funding. Since doing that we’ve been approached by multiple parties to carve some equity [deal] or buy out the entire company”.
“We are contemplating that,” added Habib. “We have not decided.”
Habib’s interview confirms a Bloomberg report that cited sources as saying that a sale could be on the cards and that the company may hire JP Morgan Chase to raise capital for future expansion.
According to Bloomberg’s report, one interested party is Dubai-based pay TV network Orbit Showtime Network and that Anghami could be valued at as much as $400 million if a deal goes ahead and if certain conditions are met.
Last year, Anghami partnered with Orbit Showtime Network’s Wavo – in a deal that included streaming rights to the final series of HBO’s Game Of Thrones; the ‘Wavo Powered By Anghami’ service also launched for just $1.99 per month.
CNN’s report also stated that Anghami has 73 million users, a catalog of 31m tracks and that the streaming service is currently seeing 1 billion streams a month.
“We’re not going to sell out just to sell out. We want to make sure that Anghami keeps growing properly in the region.”
Elie Habib, Anghami, speaking on CNN
Speaking on CNN, Habib added: “We’re not going to sell out just to sell out. We want to make sure that Anghami keeps growing properly in the region.
“We’re in a very comfortable place. We’re one of the only streaming services that are profitable and that is unique in the world of music streaming. Why? Because we know howe to spend our money and how to invest.
“We think that 2020 is going to be very big. Whether we are going to sell, I can’t answer that because we have not decided. Whether we are going to keep growing keep making investments, for sure.”Music Business Worldwide