Music streaming platform Anghami has acquired events company Spotlight, as it plans to expand its business to the live entertainment scene.
The acquisition will turn Spotlight Events, which hosts live concerts across the Middle East, as the Nasdaq-listed company’s live events arms, it said in a statement.
“Our vision is to expand from music streaming to a fully integrated entertainment platform that meets our goal of building our own unique category that no other provider can compete with,” Anghami chief executive officer Eddy Maroun (below) said.
The events company, founded by Maher Khawkhaji, has already confirmed a line-up of six concerts this year – across Dubai, Abu Dhabi, Paris, Cairo, and Riyadh. It will also be taking over executing Anghami’s planned events.
Maroun said the Spotlight founder has “built a great business on solid economics and has proven that live concerts and events are a scalable and profitable business.”
Anghami earlier listed on NASDAQ in New York, making it the first Arab company to do so. It said it was aiming to evolve from a “music streaming platform to an entertainment platform.”
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