Is Anghami profitable in 2026?

Anghami reported a $2.7M profit in H2 2024 but a full-year 2024 net loss of $2.6M. FY2025 revenue hit $99.3M, up 27% YoY, with the company stating it achieved cash-flow positivity for the first time as a public company, per its April 30, 2026 20-F filing.

OSN Streaming Limited controls approximately 67% of Anghami as of June 30, 2026. OSN Group first took a 55.45% majority stake in April 2024 at $3.69/share, merging Anghami with its OSN+ video service; Warner Bros. Discovery bought a $57M minority stake in OSN itself in March 2025.

Is Anghami going private?

Yes, likely. On June 30, 2026, controlling shareholder OSN Streaming Limited submitted a non-binding proposal to buy all remaining shares at $3.39/share cash. A special committee is reviewing it, with resolution expected within about six months, meaning by roughly December 2026.

Is Anghami losing to Spotify in the Middle East?

Anghami's MENA market share is reported to have fallen from around 58% in 2021 to roughly 28% in early 2025 (vendor estimate), while Spotify, which entered MENA in 2018, held about 31.7% of global streaming share with 761M MAUs as of Q1 2026.

Could AI replace Anghami's business?

Anghami itself disclosed in SEC filings on July 31, 2025 that generative AI-created music could devalue its licensed catalog and strain rights-holder relationships. It uses AI internally for song tagging via a March 2026 Cyanite partnership but has not shipped generative recommendation features.

What is Anghami's biggest competitor?

Spotify is Anghami's biggest competitor in MENA, having entered the region in 2018 and now holding roughly 31.7% global market share with 761 million MAUs and about 293 million premium subscribers as of Q1 2026, per third-party data.

Consumer platforms · subsidiary of OSN Streaming Limited · Lebanon

Anghami

anghami.com ↗

MENA music streaming app with 130M registered users, majority owned by OSN Streaming.

Losing its protection

Assessed 23 July 2026 · Evidence as of 23 July 2026

The structural protection is eroding.

On the recordSince 23 July 2026 · Checkable from by ~end of December 2026 · Every call on the record Checkpoint: Special committee decision on OSN's $3.39/share going-private offer

The call

Anghami's app keeps growing users and revenue, but its life as a public stock is likely ending under OSN's buyout, while Spotify keeps chipping at its home turf.

Anghami is a music streaming service popular in the Middle East and North Africa with millions of paying subscribers and growing revenue. The company is getting harder to compete against because Spotify and Apple Music have been taking away customers since 2018, and the company itself warned that computer-generated music could hurt its business model by making licensed songs less valuable. The biggest change coming is a parent company offer to take Anghami private at $3.39 per share, which would likely end public stock trading by the end of 2026 and determine whether there is still an independent public company at all.

Why

AI pressure: Generative AI music tools. Anghami's own SEC filing warns AI-made tracks could cheapen licensed catalogs and squeeze royalty economics over time. Could AI do the core job? Only partly.

Bigger players: Spotify. Spotify entered MENA in 2018 and Anghami's regional share reportedly fell from about 58% in 2021 to about 28% in early 2025. Could a giant copy it? Yes, easily.

What protects it. Local licensing relationships, carrier billing deals, and Arabic-content curation that global apps have not fully replicated.

What would change this call

Special committee accepts, rejects, or renegotiates OSN's $3.39/share buyout offer, expected by end of December 2026. Determines whether Anghami continues as a public company or is taken private by its controlling shareholder.
Anghami's next earnings report shows MENA market share stabilizing or continuing to fall below 28 percent. Shows whether Spotify and Apple's share gains against Anghami are slowing or still accelerating.
Anghami reports subscriber and revenue growth staying above or falling below the 27 percent YoY pace in future filings. Shows whether the recent profitability and growth trend is durable or was a one-time turnaround.

Key numbers

OSN offered $3.39/share to go private (2026-06-30)
FY2025 revenue $99.3M, up 27% YoY (2025-12-31)
Market share fell from ~58% to ~28% (2025-01-01)

Named risks

Going-private tender at $3.39/share could end Anghami's public equity status by end of 2026. Severity: high
Continued MENA market share erosion to Spotify and Apple Music since 2018 entry. Severity: medium
Generative AI music devaluing licensed catalog, per company's own SEC disclosure (2025-07-31). Severity: medium
Nasdaq compliance risk persists despite 2025 reverse split amid micro-cap valuation. Severity: medium
Content licensing/royalty costs (~46% of 2024 revenue) compress margins. Severity: medium

Rivals, as read in July 2026

Rival	Direction	Evidence
Spotify	gaining on	MENA share reportedly fell 58% (2021) to ~28% (early 2025) as Spotify grew since 2018 entry
Apple Music	gaining on	Holds ~12.6% global share (vendor-claimed, 2026-06-20) while competing directly in MENA
Deezer	contesting	Entered MENA circa 2018 alongside Spotify, remains a mid-tier global rival
Generative AI music tools	gaining on	Anghami SEC filing (2025-07-31) flags AI-generated music as a threat to its licensing model

Questions people ask

Is Anghami profitable in 2026?: Anghami reported a $2.7M profit in H2 2024 but a full-year 2024 net loss of $2.6M. FY2025 revenue hit $99.3M, up 27% YoY, with the company stating it achieved cash-flow positivity for the first time as a public company, per its April 30, 2026 20-F filing.
Who owns Anghami?: OSN Streaming Limited controls approximately 67% of Anghami as of June 30, 2026. OSN Group first took a 55.45% majority stake in April 2024 at $3.69/share, merging Anghami with its OSN+ video service; Warner Bros. Discovery bought a $57M minority stake in OSN itself in March 2025.
Is Anghami going private?: Yes, likely. On June 30, 2026, controlling shareholder OSN Streaming Limited submitted a non-binding proposal to buy all remaining shares at $3.39/share cash. A special committee is reviewing it, with resolution expected within about six months, meaning by roughly December 2026.
Is Anghami losing to Spotify in the Middle East?: Anghami's MENA market share is reported to have fallen from around 58% in 2021 to roughly 28% in early 2025 (vendor estimate), while Spotify, which entered MENA in 2018, held about 31.7% of global streaming share with 761M MAUs as of Q1 2026.
Could AI replace Anghami's business?: Anghami itself disclosed in SEC filings on July 31, 2025 that generative AI-created music could devalue its licensed catalog and strain rights-holder relationships. It uses AI internally for song tagging via a March 2026 Cyanite partnership but has not shipped generative recommendation features.
What is Anghami's biggest competitor?: Spotify is Anghami's biggest competitor in MENA, having entered the region in 2018 and now holding roughly 31.7% global market share with 761 million MAUs and about 293 million premium subscribers as of Q1 2026, per third-party data.

Timeline

2026-06-30OSN Streaming Limited proposes $3.39/share going-private buyout; special committee formed
2026-04-30Anghami reports FY2025 revenue of $99.3M, up 27% YoY, via Form 20-F
2026-03-23Anghami partners with Cyanite for AI auto-tagging across 2.5M songs
2025-07-31Anghami executes 1-for-10 reverse stock split to avoid Nasdaq delisting
2025-03-01Warner Bros. Discovery agrees to $57M minority stake in OSN Streaming Limited
2024-04-02OSN Group completes 55.45% majority stake acquisition of Anghami at $3.69/share
2022-02-01Anghami lists on Nasdaq via SPAC merger with Vistas Media Acquisition Company
2021-01-01Anghami relocates headquarters from Beirut, Lebanon to Abu Dhabi, UAE
2012-01-01Anghami founded in Beirut, Lebanon by Eddy Maroun and Elie Habib

Revision history

23 July 2026

First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.

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