Music streaming platform ‘Anghami’ has announced its preliminary unaudited financial results for the third quarter which ends on September 30, 2022.
Subscription revenue in the third quarter of 2022 increased 27% compared to the third quarter of last year, in line with growth in Anghami’s total revenue, which also increased 29% year over year from $24.5 to $ 31.7 million.
Anghami Co-Founder and CEO Eddie Maroun said, “We are proud to increase our total profits during the third quarter of 2022 by 13 percent, compared to last year’s third quarter, driven by an increase in average revenue per user by 8%. And given the impact of difficult economic conditions, we had to take drastic cost-effective measures to improve bottom line.”
The continued focus on profits has required drastic measures such as cutting headcount by 22% and cloud computing costs by 19%, despite a 15% increase in demand for music content in Q3 2022.
