Anghami Inc. reported fiscal‑year 2025 revenue of $99.3 million, a 27% increase from the $78.1 million earned in FY2024. The growth was driven largely by the full‑year integration of OSN+, which added a video‑streaming arm and expanded the company’s content library to 18,000 hours of premium video, including HBO titles. The combined music‑and‑video platform attracted new users and increased average revenue per user, offsetting the higher cost of licensing the new content.
Paid subscribers rose to 3.5 million, while the total registered user base surpassed 130 million across the MENA region. The subscriber increase reflects the appeal of the OSN+ Originals, such as the first OSN+ Original “The Fashionista,” and the broader distribution network that now includes partners like Talabat, Noon, and the “Epic Bundle” with Shahid and Disney+. These partnerships have broadened reach and lowered acquisition costs, contributing to the subscriber growth.
Despite the top‑line gains, Anghami’s profitability remained a concern. The company reported a loss for the first half of 2025, driven by fixed video‑content licensing fees and the costs associated with scaling the new platform. Management acknowledged that the company is still working to achieve operational leverage and improve unit economics, a focus that will shape the FY2026 outlook.
In its guidance, Anghami emphasized a continued focus on scaling revenue while tightening costs. The company highlighted its strategy to leverage bundled and embedded distribution to acquire users more efficiently amid intensifying competition in the MENA streaming market. While specific financial targets for FY2026 were not disclosed, the guidance signals confidence in the hybrid model’s scalability and a commitment to moving toward profitability.
The announcement also noted a 1‑for‑10 reverse stock split executed in July 2025 to maintain compliance with Nasdaq’s minimum bid price rule, and the $57 million minority investment by Warner Bros. Discovery in OSN Streaming Limited in March 2025, which has strengthened Anghami’s content partnerships and positioned it for future growth.
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