Abu Dhabi-based Anghami acquires Spotlight Events to boost virtual entertainment

Angmi, music stream media competitor Spotify In the Arab world, Dubai-based event management company Spotlight was acquired as it leverages virtual entertainment scenarios into a fully integrated platform.

The partnership will see Spotlight be the live events arm of Anghami, Abu Dhabi, which will use virtual and Augmented Reality Anghami, which is listed on Nasdaq, said on Monday that it will stream content to a larger audience.

Eddy Maroun, co-founder and CEO of Anghami, said: “Our vision is to expand from music streaming to a fully integrated entertainment platform to achieve our goal of building our own unique category that no other provider can compete with of.”

“This partnership will allow us to provide our users with a unique experience while giving artists a stage where they can perform and reach their fans, both physically and virtually.”

Music streaming is growing in popularity, especially because its cloud-based model enables users to access content on-demand, with the option to download tracks for offline listening.

The growth in the number of companies offering this service has also contributed to choice and competitive pricing.

According to Research and Markets, the global music streaming market is expected to reach $103 billion by 2030, growing at a compound annual growth rate of about 15% from more than $34.5 billion in 2022.

Advances in VR and AR are also critical, with streaming companies integrating the emerging technology into their services, allowing users to experience events anywhere.

It also provides a larger audience for events otherwise limited by physical venue constraints.

Last week, Magnati, the payment services arm of First Abu Dhabi Bank, launched a new MetaV platform Offer live events such as concerts and sports games metaverse.

Anghami — reports its annual growth in May first quarter revenue and user base — said the deal would unlock more opportunities for artists and brands to expand their portfolios.

It will also offer exclusive services, including private concerts and backstage visits.

It said both traditional and virtual concerts can be viewed through tickets or brand sponsorship.

Maher Khawkhaji, founder and CEO of Spotlight, said the partnership will also give Spotlight access to Anghami’s large user base in the Middle East and North Africa, as well as a partner network that will attract more users to the event.

“Anghami is the largest music platform in the MENA region, and once connected to Spotlight, it will open doors to amazing opportunities. Our offline expertise, coupled with Anghami’s reach, data and technical capabilities… [will] Unlock incredible potential,” he said.

Anghami was established in Beirut in 2012 before moving to Abu Dhabi in 2021 as Abu Dhabi Global Market,exist Abu Dhabi Investment Office.

In February, it became the first tech company in the Arab world to list on the Nasdaq exchange in New York.

With more than 30 million Arabic and international songs in its portfolio, the service serves more than 75 million users in the MENA region, Europe and the United States, according to its website.

It has partnerships with more than 40 telecommunications companies, including the UAE Etisalat and du, available on mobile, web and automotive platforms.

Founded in 2005, Spotlight has offices in Jordan, Lebanon, Egypt, Tunisia and Morocco. It covers the Gulf Cooperation Council, the Lower Gulf and North Africa.

Updated: July 4, 2022 at 3:01 pm