Anghami Doubles Paid Subscribers and Secures $57M Warner Bros. Discovery Investment, Marking Record Revenue Growth
Paid Subscriber Base Surges 97% and Revenue Nearly Doubles on OSN+ Integration
Anghami’s first-half 2025 results showcase dramatic growth, driven by the successful integration of OSN+. Paid subscribers doubled year-on-year to reach 3.54 million, indicating robust conversion from free to paid services. Total registered users surpassed 120 million, cementing Anghami’s position as a regional streaming giant.
Revenue soared 97% to $48.4 million compared to H1 2024, with subscription income contributing $43 million. This leap was powered not only by broader content offerings but also strengthened partnerships and improved distribution.
| Metric | H1 2025 | YoY Change |
|---|---|---|
| Revenue (USD Millions) | 48.40 | +97% |
| Paid Subscribers (Millions) | 3.54 | +97% |
| Total Registered Users (Millions) | 120.00 | -- |
| Operating Loss (USD Millions) | -37.10 | Wider loss due to higher investments |
| Warner Bros. Discovery Investment (USD Millions) | 57.00 | New strategic capital in OSN Streaming Ltd. |
Exclusive Content Deals and New Partnerships Sharpen Competitive Edge
A cornerstone of Anghami’s momentum was the $57 million strategic investment by Warner Bros. Discovery into OSN Streaming Ltd., the majority owner of Anghami. This deal ensures that HBO, Max Originals, and global entertainment content remain exclusive to OSN+ and Anghami users across the region. New distribution agreements with platforms like Noon and PlayStation, along with a post-period Talabat deal, have widened Anghami’s reach and unlocked additional subscriber growth channels.
Notably, operational enhancements included improving app store ratings from 3.8 to 4.6 stars and maintaining 99.9% uptime, directly boosting user confidence and satisfaction.
Operating Losses Reflect Investment for Rapid Scale-Up
Supporting this explosive subscriber and content growth came at a cost. Anghami reported a H1 operating loss of $37.1 million, attributed to aggressive investments in acquiring new users and integrating the OSN+ platform. Management indicated that these costs are necessary for building long-term value and that targeted expense control and scale efficiencies are expected to mitigate future losses as the business matures.
Outlook: Multiple Catalysts Ahead as Anghami Leverages Partnerships
Looking forward, Anghami projects continued topline momentum through ongoing exclusive content launches, further integration with OSN+, and major new partnerships such as PlayStation, Noon, and Talabat. Management expects these initiatives to accelerate both paid and total user growth, paving the way for operational leverage and improved profitability after 2025.
With regional demand for premium digital entertainment climbing and significant investments fueling platform differentiation, Anghami is positioned to further solidify its dominance in the MENA streaming market.
Key Takeaways for Investors
- Revenue and paid subscriber metrics both doubled year-on-year, setting new benchmarks for platform performance.
- Strategic partnership with Warner Bros. Discovery brings high-profile exclusive content and additional financial strength.
- Recent operational losses reflect a deliberate push to scale up rapidly, with a path to greater efficiency as synergies are realized.
- Anghami’s ecosystem, content, and distribution partnerships continue to expand, providing strong visibility into future growth opportunities.
For full financial details, Anghami’s unaudited H1 2025 results can be accessed through the SEC or Anghami’s investor relations website.
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