Quick take:
- The Abu Dhabi-based music streaming platform is following a similar path drawn by its rival, Spotify.
- Spotlight is a Dubai-based event and reactionary activities management company.
- Anghami is leveraging the te rapid adoption of virtual entertainment services to become a fully-integrated platform.
Anghami is buying Dubai-based live events and recreational entertainment startup Spotlight in metaverse push. The music streaming service announced the acquisition on Monday, making Spotlight its live events subsidiary.
Anghami seems to be following in the footsteps of its Mena rival Spotify, which made its metaverse debut with an official launch of a virtual world called Spotify Island on Roblox in May.
The company said its latest purchase will allow it to use virtual and augmented reality to stream content to a wider audience.
“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,” said Eddy Maroun, co-founder and chief executive of Anghami.
The middle east has been one of the leading regions in terms of metaverse adoption. Some of the notable projects from the region include Dubai’s MetaHealth, a metaverse-based customer service centre launched earlier this year.
There is also Neom, a Saudi metaverse-based city being built as a replica of the famous Neom City, a project led by Saudi Crown Prince, Mohammad bin Salman.
The region has been hosting several metaverse-based NFT auctions, as well as, launching partnerships with some of the leading Web3 companies like Binance.
As a result, Anghami seems to be making the right play at the right time, to pounce on the rapid adoption of the metaverse in the region.
“This partnership will allow us to deliver unique experiences to our users while giving artists a stage to perform and reach their fans physically and virtually,” Maroun added.
The acquisition is seen as a mutually beneficial partnership that will enable Spotlight to reach the wider Mena region. The Dubai-based startup will also gain access to a rich portfolio of partners, which could help it scale growth drastically through financing and marketing.
Commenting on the partnership, Maher Khawkhaji, founder and chief executive of Spotlight said: “Anghami is the largest music platform in the Mena region that, once connected to Spotlight, will open doors to amazing opportunities. Our offline expertise, complemented by Anghami’s reach, data and technical capabilities, [unleashing] incredible potential.”
Anghami reportedly has over 30 million Arabic and international songs and a user base of more than 75 million across the Mena region. The company also has partnerships with over 40 telecommunications companies including Etisalat.
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