Wednesday , September 29 2021

Investors adjust to Anjami, ‘Spotify’ of the Arab world: Talimer

It is set to become the first Arab technology company to be registered in the US. The company based in Beirut already has about 70 million users across MENA.

Anjami established the first legal music streaming company in the area with a music catalog that includes prominent Arab record companies like Melody, Mezika and Platinum.

“It has a steady stream of monthly subscription revenue and is expected to be positive in cash flow, unlike some other technical names,” said report writer Nirgonan Tirukhalbam, head of consumer capital research at Talimer.

Its shareholders, founded by Lebanese entrepreneurs Eddie Maroon, and Eli Habib, include the Middle East Partner Partners, Samana Capital, Emirates Integration Telecommunications Co., MBC Group and Etithad Etisalat & Co.

The site has been raised to affordable levels at a price of $ 4.99 per month and its distribution strategy focuses on working with handsets, as opposed to competitor Spotify.

Anjami announced in March that it had agreed to merge with a special purpose acquisition company (SPAC) in a deal that would mean an organizational value of about $ 220 million.

“Being a U.S.-listed public company gives us access to growth capital and a global platform that is the best in the world,” said then Eddie Maron, founder and CEO of Anjami.

Under the deal, Anghami will merge with Vistas Media Acquisition Company Ltd. The deal includes a $ 30 million commitment from Shuaa Capital of Dubai and $ 10 million from the parent of the SPAC.

Angami announced this week that it has added six new mobile partnerships across Saudi Arabia, the United Arab Emirates, Morocco, Tunisia and Algeria in the first half of 2021.

“The partnership with the mobile operators has been a major focus for us since our inception, as they give us the opportunity to reach new audiences, while enjoying the partner’s great marketing achievement at Telco, and also offer our users a convenient way to pay or enjoy access. Personally for each market, “said Chukri Khirallah, VP of Business Development at Angam.

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