Anghami Inc (ANGH) Earnings Signals & AI Vibe Check

Based on earningsVibe SuperAnalyst™ synthesis of the latest 20-F, Anghami Inc's filing signal continuing negative.

Anghami Inc. is a leading digital entertainment platform in the Middle East and North Africa (MENA) region, offering a comprehensive ecosystem of music, video, podcasts, and live entertainment. Founded in 2012 as the first music streaming platform in MENA, Anghami expanded into video streaming in April 2024 through a strategic transaction with OSN+. The company operates primarily in Algeria, Bahrain, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Palestine, Qatar, Saudi Arabia, Sudan, Tunisia, and the UAE. Anghami's business model relies on a freemium approach for music streaming, offering an ad-supported free tier and a premium subscription service (Anghami Plus), while its video streaming service (OSN+) operates on a subscription-only model, including an ad-supported tier. Revenue is generated through subscriptions, advertising, and live events, with subscriptions accounting for the majority of revenue.

Revenue is primarily driven by subscriptions to its Anghami Plus and OSN+ services, which accounted for 90% of total revenues in fiscal year 2025. Advertising and branded content contributed 8%, and live events contributed 2%.