- SRMG Ventures, the venture capital arm of Saudi Research and Marketing Group (SRMG), has announced a $5 million investment in Anghami, a leading music and entertainment streaming platform in the MENA region. This investment marks the third foray by SRMG Ventures into the startup arena. Leveraging its extensive media network, SRMG Ventures aims to accelerate Anghami's growth by expanding the legal consumption of music and audio content in the region.
- Anghami's diversification beyond music streaming into areas like in-house productions, branded content, live events, and podcasts has solidified its position in the industry. The MENA music and audio segment is predicted to grow rapidly, with a projected Compound Annual Growth Rate (CAGR) of 11%, outpacing the global market.
Why it matters
The presence of international music labels and the rising recognition of Arab artists contribute to the region's growing influence in the global music landscape, making SRMG Ventures' investment in Anghami a significant move in this booming industry.