Spotify, the global music streaming platform is exploring a potential take-over of Middle East rival, Anghami.
Anghami was listed on Nasdaq in February, anonymous sources revealed to Frankly that “The idea was that Anghami would go public if Spotify showed interest in an acquisition, so a SPAC was proposed to speed up the takeover.”
Anghami was the first Arab audio tech company to be listed on Nasdaq moved its headquarters from Beirut to Abu Dhabi, last year. The move was made as part of its partnership with Abu Dhabi Investment’s innovation programme of AED2bn.
The Middle Eastern platform went public through a merger with a special purpose acquisition company (SPAC) with a $220 million valuation. Launched in 2012, Anghami means “my tunes” in Arabic. The company has over 58 percent of the Middle East’s market share with 1.28 million subscribers and 19.5 active million users.
Spotify has over 456 million monthly active users and 195 million paying subscribers.
Anghami has deals with Saudi’s Rotana, and Egyptian star, Amr Diab.
Swedish audio streaming company, founded in 2006 was listed on the New York Stock Exchange (NYSE) at nearly a $30bn valuation.
Anghami currently has a feature allowing users to import their Spotify library to Anghami, their support website lists steps to facilitate the transfer.
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