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Anghami Acquires Spotlight Events To Expand Its Footprint

If everything goes according to plan, the acquisition should help Anghami further increase its growing revenue, which reached $35.5 million in 2021.

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2 years ago

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anghami acquires spotlight events to expand its footprint

UAE-based Anghami, the first music-streaming platform in the MENA region, has recently announced the acquisition of Dubai-based Spotlight Events, a live events and concert company.

The acquisition is supposed to help Anghami expand its footprint in the music and entertainment ecosystem by bridging the gap between online and offline entertainment.

eddy maroun anghami ceo

Eddy Maroun

“Our vision is to expand from music streaming to a fully integrated entertainment platform that meets our goal of building our unique category that no other provider can compete with,” explained Eddy Maroun, Co-founder and CEO of Anghami.

Maher Khawkhaji, Founder and CEO of Spotlight, believes that Anghami’s reach, data, and technical capabilities will allow Spotlight Events to bring the best to music fans, artists, and brands.

In addition to promoting upcoming concerts and making it easy for users to purchase tickets through Spotlight Events, Anghami will also take advantage of its live video streaming capabilities to deliver concerts as immersive virtual reality experiences.

If everything goes according to plan, the acquisition should help Anghami further increase its growing revenue, which reached $35.5 million in 2021, with the overall gross margin reaching 25.5 percent.

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“Maher has built a great business on solid economics and has proven that live concerts and events are a scalable and profitable business,” said Maroun.

Earlier this year, Anghami became the first Arab tech company to be listed on NASDAQ New York via a merger with Vistas Media Acquisition Company Inc., a publicly-traded special purpose acquisition company. The music-streaming platform is traded under the symbol “ANGH.”

Just like most other tech companies, Anghami is currently not doing well on the stock market. Right now, shares of Anghami are being traded for around $4.30 a piece, a significant decline from the all-time high of $28.88 back in February.

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UAE Prepares To Launch Two Satellites: Thuraya-2 And MBZ-SAT

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum chaired the first meeting of the Supreme Space Council yesterday.

Published

5 days ago

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December 17, 2024

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uae prepares to launch two satellites thuraya-2 and mbz-sat

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Deputy Prime Minister of the UAE, chaired the first meeting of the Supreme Space Council in Dubai on December 16, 2024. The session highlighted the UAE’s ambitious space plans and took stock of the sector’s economic progress.

The council emphasized the growing role of private companies in advancing space technologies, noting that their contributions are now equal to that of the public sector. Members also praised initiatives like the Space Economic Zones Programme, which are designed to fuel innovation and investment in the space industry.

Discussing the UAE’s space journey, HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum remarked, “The national space sector continues to grow and advance, and we take immense pride in the remarkable achievements we have accomplished over the years”.

Sheikh Hamdan also received updates on two upcoming satellite projects: Thuraya-2 and MBZ-SAT. Thuraya-2, developed by Space42, is slated for launch this December. Meanwhile, the MBZ-SAT, created by the Mohammed Bin Rashid Space Centre (MBRSC), will soon follow. MBRSC, a major driver of the UAE National Space Programme, continues to lead the nation’s space-related developments.

Space42 took the opportunity to showcase its advancements, including ongoing collaborations between public and private entities. The company also outlined strategies to promote innovation, boost revenue streams, and create new opportunities for growth in the sector.

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The UAE’s current projects build on a growing legacy of space exploration. Back in 2020, the nation made headlines with its Mars mission, successfully sending a probe into the planet’s orbit in 2021. This mission, which is now in its second phase as of June 2024, has been collecting critical data to develop a comprehensive diurnal image of Mars.

The UAE also ventured into lunar exploration with an unmanned mission aimed at studying untouched regions of the Moon’s surface. While the probe ultimately crashed during its landing attempt after communication was lost seconds before touchdown, the effort represented a significant step in the country’s exploration ambitions.

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