Anghami To Become The First Arab Tech Company To List On NASDAQ
Anghami, the first music-streaming platform in the MENA region, will soon also become the first Arab technology company to list on NASDAQ New York via a merger with Vistas Media Acquisition Company Inc., a publicly-traded special purpose acquisition company.
“Today, we have taken a significant step forward in our growth plans in seeking to become the region’s first Arab technology company to list on Nasdaq,” said Anghami co-founder Eddy Maroun. “Being a US-listed public company gives us access to growth capital and a global platform that is the best in the world.”
Anghami, which translates into “my tunes” in Arabic, was founded in 2012 by Maroun and his fellow Lebanese entrepreneur Elie Habib, providing convenient access to Arabic and international music alike. Over the years, the platform has become the leader in the MENA region, offering around 60 million songs to more than 70 million registered users.
In early 2021, Anghami moved its headquarters to Abu Dhabi, after a partnership with the Abu Dhabi Investment Office. The merger with Vistas Media Acquisition Company Inc. implies an initial pro-forma valuation of around $220 million. The music-streaming platform will continue to operate under its name and trade under the symbol “ANGH”.
Also Read: Anghami Review: The MENA’s Favorite Music Streaming Service
“This is a landmark transaction for the MENA region and for Vistas,” commented Saurabh Gupta, co-founder of Vistas Media Acquisition Company Inc. “The combination of Anghami and the Vistas team will be a powerful force in the media and entertainment world, and we couldn’t be prouder of the hard work from everyone to get to this stage, but our work has only just begun.”
Anghami founders would like to use the new funding to not only attract additional customers from the MENA region, but they would also like to expand into new markets and compete with services like Spotify and Deezer, both of which are significantly more popular outside the Middle East.
Adobe Firefly AI Image Generator Comes To Photoshop
The Generative Fill tool will arrive in the app’s tool palette sometime in the second half of this year.
Adobe Photoshop is the latest app to benefit from the explosion of Artificial Intelligence (AI) technology, gaining a new tool called Generative Fill. The company’s AI image generator Firefly benefitted from the new feature in a web-only update back in March, and today, the Generative Fill tool launches in beta for the popular photo editing program.
Generative Fill is a little like a smarter version of Adobe’s existing Content-Aware Fill feature and works within individual Photoshop image layers. The tool can be used to expand the borders of an image (a feature known as outpainting) or to generate entirely new objects, and contains a text prompt to add direction to the AI technology.
Adobe claims its AI is only trained to work on Adobe Stock images, licensed content, and images without copyright restrictions. Generative Fill also supports a system called Content Credentials, which attaches metadata-style attributes to images before they are shared online, informing viewers that content was created or edited with the help of AI.
“By integrating Firefly directly into workflows as a creative co-pilot, Adobe is accelerating ideation, exploration and production for all of our customers,” announced Ashley Still, the senior vice president of Digital Media at Adobe. “Generative Fill combines the speed and ease of generative AI with the power and precision of Photoshop, empowering customers to bring their visions to life at the speed of their imaginations,” she added.
Also Read: PicSo Review: A Popular AI-Based Text-To-Image App
Generative Fill isn’t yet available in the latest version of Photoshop, but if you’re curious about how the tool works, you can download the desktop beta app or try it out within a module of the Firefly beta. Adobe is still tight-lipped about the exact release date of Generative Fill, but says we can expect the new feature to drop sometime in the second half of 2023.