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.
“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.
“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.
Emirates Airline To Invest $2 Billion On Major Upgrades
Emirates plans a huge retrofit on its fleet and an upgrade to the inflight experience.
Emirates Airline has just announced plans to improve its inflight experience for passengers. The carrier has budgeted $2 billion to refit the interiors of over 120 of its aircraft, aiming for a more modern aesthetic for cabins, along with better food choices, modern inflight entertainment options, and a significant service overhaul.
Emirates is well known for its premium service, so this overhaul is an ambitious decision, as many other airlines are trying their hardest to increase revenues and reduce costs.
“Emirates is flying against the grain and investing to deliver ever better experiences to our customers. Through the pandemic we’ve continued to launch new services and initiatives to ensure our customers travel with the assurance and ease, including digital initiatives to improve customer experiences on the ground. Now we’re rolling out a series of intensive programmes to take Emirates’ signature inflight experiences to the next level,” says Sir Tim Clark, President of Emirates Airline.
The investment aims to ensure Emirates stays on top form, with many of the upgrades scheduled to materialize quickly. For the physical refit, aircraft are scheduled to enter the Emirates Engineering Center in November. So what can passengers expect once work is complete? The most significant change will be to aircraft interiors, where flyers of all classes will immediately spot new flooring, paneling, and reupholstered seats.
As well as a physical overhaul, the airline plans to upgrade entertainment systems, adding a “Cinema in the Sky” experience, complete with a bespoke app. In addition, better meal choices will reflect changing dietary preferences, including a new vegan menu and a nod to sustainability — though there will remain a strong luxury vibe to the proceedings, as the company has entered an exclusive agreement to offer Dom Perignon vintage champagne on board, as well as delicacies such as Persian caviar.
Though many of the improvements may seem trivial, Emirates is hoping that along with a huge cabin overhaul, their overall flight experience will continue to make travel a pleasurable experience, elevating their service above the competition.