Lebanese music streaming platform Anghami announced in a press release on Monday that it had secured up to $55 million from Emirati entertainment group Orbit Showtime Network (OSN), which is a majority shareholder in Anghami. The new round of funding includes a $12 million initial investment in a convertible note program, a short-term loan that can be converted into equity, issued by a startup to raise funds.  The company aims to use the funds to strengthen its position as “the go-to destination for premium audio and video content” across the MENA region, the press release said.  Anghami entered into a strategic partnership with OSN in April 2024 through a merger and acquisition (M&A) deal that granted the latter a 55.45 percent stake in the music streaming platform.  The partnership had also brought together OSN’s premium video streaming library, OSN+, which totals 18,000 hours of video content (including exclusive HBO content) and Anghami’s wide audio portfolio of over 100 million songs and podcasts.  “The latest investment aims to accelerate Anghami and OSN+'s growth trajectory, enabling the platforms to expand their content library, enhance user experience through cutting-edge technologies, ... and drive innovations such as AI-driven personalization and next-generation streaming technologies,” the press release reads.  "This new round of funding reflects our unwavering belief in Anghami's potential to lead the MENA region in digital entertainment,” said Joe Kawkabani, CEO of OSN Group. “Together, we will continue redefining how audiences experience premium content, ensuring our platform remains a pioneer in the industry.”  Launched in 2012 by Lebanese duo Habib and Eddy Maroun, Anghami experienced increasing success during the past ten years, becoming a regional leader in music streaming and the first Arab tech company to be listed on the Nasdaq stock exchange in New York in 2022.  After joining forces two years later with OSN+, the video streaming platform experienced a “41 percent growth in video streaming subscribers between April and October 2024.”  “The success of this partnership is a testament to the power of collaboration and innovation,” Elie Habib, CEO of Anghami and OSN+. “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.” (ICE BEIRUT)

Fonte notizia: L'Orient Today