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Anghami Inc. runs the Anghami music app and the OSN+ video app. Listeners can use Anghami free with advertising or pay for Anghami Plus; OSN+ charges for access to TV series and films, including exclusive HBO content. Arabic music accounts for most music listening. Subscribers supply the vast majority of revenue, paying through the company’s websites, app stores, or telecom and other distribution partners.
Advertisers provide a smaller revenue stream by paying to reach listeners on the free music service and viewers on OSN+ Standard with Ads, which also charges a subscription fee. This income depends on how many people use those services and how much time they spend listening and watching.
The company pays rights holders to keep content available. Music licenses carry royalties and sometimes minimum payments; most international music agreements restrict access to its Middle East and North Africa operating area. For video, Anghami relies on OSN Group rather than direct agreements with the original content providers. Its fixed video-content fee does not fall when subscriber numbers decline, so retaining paying viewers with appealing programming is particularly important.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Anghami needs MENA subscription growth to cover OSN Group’s fixed video-content licensing fees while facing regional video rival Shahid.
Netflix competes with Anghami’s OSN+ for paying premium-video viewers in MENA, with both collecting subscription fees for streaming content. Watch Netflix’s content and plan changes as competing offers for those viewers.
Spotify competes with Anghami in MENA for paying music subscribers and listeners to free, ad-supported music streaming. Its Premium music offering is the direct alternative to Anghami Plus to watch.
Anghami needs Warner Music Group’s permission to stream its recordings and pays royalties for that access, so negotiated terms affect both its music catalog and streaming margins. Watch royalty terms and minimum guaranteed payments: guarantees not covered by monthly royalties raise Anghami’s content costs.
Alphabet competes with Anghami for music listeners through YouTube Music, and for viewing time and advertisers’ budgets through YouTube. Watch YouTube advertising revenue rather than Google’s broader advertising business for the tie to Anghami’s ad-funded services.
Apple Music competes with Anghami for paying music listeners, backed by Apple’s tightly integrated devices and services. Apple’s devices come with its music service preloaded, giving that competing subscription greater visibility.
Anghami pays Sony Music for permission to stream its recordings, making Sony’s catalog access and royalty terms important to its music offering and costs. Watch license renewals for English and international music in the Middle East: these rights generally last one year and do not renew automatically.
NetFlix Inc earningsNFLX
Netflix’s report will show whether its content and plans are still drawing paying viewers, sharpening OSN+’s competition for audiences in MENA.
Read Netflix’s paid-audience growth alongside changes to its content and plans. Continued growth with an attractive offer would mean OSN+ faces a stronger alternative for paying viewers; slower growth would mean less evidence of pressure from Netflix, not proof of OSN+ gains. Netflix’s overall figures do not establish what is happening specifically in MENA.
Spotify Technology S.A. earningsSPOT
Spotify Technology’s report will show whether its paid music service is still winning subscribers, a signal of the competition Anghami Plus faces for listeners in MENA.
See whether Spotify’s paid-subscriber growth moves with subscription revenue. Growth in both would show that paid music is still attracting customers and that Anghami Plus faces a stronger alternative; slowing growth would point to weaker momentum from that competitor. Spotify’s global figures do not show how Anghami is doing in MENA.
Alphabet Inc. earningsGOOG
Alphabet’s report will show whether YouTube is growing its ad business, signaling how strongly it competes with Anghami for advertisers’ budgets.
Focus on YouTube ad revenue, not Alphabet’s broader advertising business. Growth would signal a stronger YouTube business competing for advertiser budgets and could make it harder for Anghami to sell ads against its free music and ad-supported video; a decline would mean less evidence of that pressure. YouTube’s overall figures do not establish MENA ad demand, and Anghami’s own ad sales also depend on its local audience and sales.
Warner Music Group Corp. earningsWMG
Warner Music Group’s report will show whether demand for its streamed recordings remains strong, offering context for the catalog Anghami licenses and its content costs.
Read Warner Music Group’s streaming revenue and growth alongside Anghami’s subscription revenue and music-content costs. Strength at Warner would show that recordings remain commercially important, but its report cannot disclose Anghami’s royalty rates or minimum guarantees; weakness would not mean Anghami can pay less or secure better terms. The conclusion about Anghami’s costs must come from Anghami’s own figures and agreements.
