Middle Eastern streaming service Anghami has secured an "up to $55 million commitment" from OSN Group, following their partnership deal from November 2023. The funding begins with a $12 million convertible note investment, maturing in December 2027 with an 11% annual interest rate.

Key Details of the Agreement:

• Initial $12 million convertible note investment
• OSN can convert the debt and interest into ANGH shares at any time
• Anghami must maintain a minimum consolidated cash balance of $1 million

Partnership Performance:

• 41% growth in video streaming subscribers since April
• Total user base: 120 million registered users
• Paid subscribers: 3.5 million
• 18% ARPU increase among direct subscribers in 2024
• 28% growth in streaming engagement

Despite positive performance metrics and the new funding commitment, Anghami's stock (NASDAQ: ANGH) declined by nearly 5% to 81 cents per share, representing a market cap of approximately $55 million. This marks a 25% decrease since the beginning of 2024 and an even larger drop from its $2 price point during the OSN deal's April closure.

Elie Habib, Anghami's CEO and OSN+ CEO, stated: "The success of this partnership is a testament to the power of collaboration and innovation. With this new investment from OSN Group, we are poised to elevate the digital entertainment experience for MENA audiences even further and expand our reach."

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