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:

• Initial $12 million convertible note investment
• Notes mature in December 2027
• 11% annual interest rate
• Anghami must maintain minimum $1 million cash balance
• OSN can convert debt to ANGH shares at any time

Partnership Achievements:

• 41% growth in video streaming subscribers since April 2024
• 120 million registered users
• 3.5 million paid subscribers
• 18% ARPU increase among direct subscribers in 2024
• 28% growth in streaming engagement

Elie Habib, Anghami 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."

Despite positive performance metrics, Anghami's stock (NASDAQ: ANGH) declined 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 decline from its $2 value during the April OSN deal closure.

The partnership has already yielded results, with Anghami rebuilding the OSN+ video platform from scratch in April, leading to significant subscriber growth and improved user engagement across the platform.

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