With 120 million registered listeners and a catalog of over 100 million songs, streaming platform Anghami has become the go-to destination for Arabic and international music, podcasts, and entertainment in the MENA region.

Now, the venture capital arm of the Saudi Research and Media Group, SRMG Ventures, has invested $5 million in the Arab world’s Spotify equivalent, giving a further boost to the company’s growth.

SRMG Ventures announced that it will offer its “extensive media reach, content library, and portfolio of leading assets in audio/podcasts,” enabling Anghami to grab a larger share of a fast-growing music streaming sector predicted to “reach $700 million in the Middle East and North Africa in 2026”.

Last year, the market size for audio in the MENA region increased by 35%, primarily due to the popularity of cloud-based music streaming services.

“This demand coupled with the commercial opportunity […] makes digital audio and media one of the investment priorities for SRMG Ventures. These opportunities are also demonstrative of our strategy and commitment to support and develop the media ecosystem,” explained Jomana Al-Rashid, chief executive of SRMG.

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According to Grand View Research, global music streaming is projected to hit a value of $103 billion by 2030, growing at a yearly rate of 15%. Anghami is a key player in that growth, becoming the first technology company from the Arab world to be listed on New York’s Nasdaq stock exchange in February 2023.

SRMG Ventures explained that its investment in Anghami aligns with its strategy of backing businesses showing strong commercial growth. The venture capital company is also focused on media creators and immersive, interactive entertainment, with initial investments including Telfaz11, a Saudi media studio, and Vuz, a VR social media application.