Where do you stream your music — Anghami (ANGG) or Spotify (SPOT)?
In the Middle East, music-streaming platform Anghami has received its Q1 2022 results. In its first quarter as a publically-traded company, the Abu-Dhabi-based platform saw a 23% income spike, arriving at $9.31m. After merging with a SPAC back in February, the company saw a 20% active user boost. The majority of its revenue is attributable to subscriptions, with 1.51 million premium accounts, and the rest to ad-supported accounts.
Spotify is jumping on board the NFT hype and experimenting with something new. In an effort to strengthen artist and fan bond, the music-streaming giant is allowing artists to promote their NFTs on their profile pages. Select artists have been chosen for this test run including The Wombats and Steve Aoki. Select listeners, from US-Android users, will have access to preview the artists' NFT offerings.
Why it matters
Streaming platforms, both audio and video alike, are fighting for YOUR attention more than ever. With some platforms showing a slowdown in growth this quarter — Netflix (NFLX), we're looking at you — we wonder who'll come on top.
