(MENAFN) OSN+, a Dubai-based entertainment streaming service, and Nasdaq-listed Anghami are joining forces to establish one of the Middle East's largest streaming platforms, enhancing their competitiveness against global counterparts like Spotify and Netflix.
As part of the merger agreement, OSN Group will make a cash investment of up to $50 million in Anghami, as announced in a joint statement on Tuesday.
The merged entity is set to achieve $100 million in revenue and will unite over 120 million registered users, including 2.5 million paying subscribers, on a single platform, according to the companies.
“Joining forces with OSN+ is a leap in Anghami’s journey to reinvent entertainment in the Arab World,” declared Elie Habib, co-founder of Anghami, who is supposed to head the combined business as well.
“We’re bringing together technology, music and video to build a comprehensive media ecosystem.”
The Middle East has witnessed a surge in the adoption of streaming services, gaining favor among the digitally inclined population and emerging as an enticing market for entertainment and technology enterprises in the last ten years.
In recent years, there has been notable growth in the subscriber base of music streaming services. The cloud-based model has played a pivotal role, allowing users to access content at their convenience, with the added benefit of downloading tracks for offline listening.
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