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SRMG Invests $5 Million in Anghami

The investment marks a significant development in the region’s rising music and audio industry
The investment marks a significant development in the region’s rising music and audio industry
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SRMG Invests $5 Million in Anghami

The investment marks a significant development in the region’s rising music and audio industry
The investment marks a significant development in the region’s rising music and audio industry

SRMG Ventures, the venture capital arm of SRMG (Saudi Research and Marketing Group), has announced a $5 million investment in Anghami, the leading music and entertainment streaming platform in the MENA region. The investment marks a significant development in the region’s rising music and audio industry.

SRMG Ventures, the largest comprehensive media group in the MENA region, will bolster Anghami's growth trajectory through its extensive media reach, content library, and portfolio of leading assets in audio/podcasts and enable it to capture a larger share in the sector that is forecasted to reach $700m in 2026.

SRMG Ventures’ investment in Anghami reflects its unique and leading position in the promising music and audio segment of the media industry. The MENA music and audio industry is forecasted to grow at a CAGR (Compound Annual Growth Rate) of 11 percent, outpacing the global market. This rapid growth, further highlighted by the rising prominence of Arab stars and local talent, coupled with the strategic presence of international labels including Warner, Universal, and Sony, is cementing MENA's position as a pivotal player in the global music landscape.

“Audio consumption is growing fast in the MENA region. In 2022 alone, the market size for audio increased by 35 percent, which represents a major opportunity for investors in the MENA,” said CEO of SRMG Jomana Al-Rashid.

“These opportunities are also demonstrative of our strategy and commitment to support and develop the media ecosystem, act as a catalyst for further growth and enhancement of SRMG’s offerings and services,” she added.

“Today, Anghami has been able to secure one of the largest user bases in audio streaming in the region, and has developed an impressive platform with extensive technological capabilities – a testament to the leadership of founders Elie Habib and Eddy Maroun. We’re looking forward to working closely with the Anghami team to realize our shared vision of elevating the region’s media and entertainment industry,” Al-Rashid said.

Eddy Maroun, co-founder & CEO of Anghami, said: “This investment from SRMG Ventures marks a significant milestone for Anghami. We have continually evolved to meet our audience’s changing demands. Working together with SRMG, a leader and innovator in regional media, Anghami will be able to unlock further opportunities to champion the music ecosystem. This partnership will propel regional artists to greater heights, expand their global reach, and create new touchpoints for our users and artists alike.”

Anghami has established itself as the region’s leading music and entertainment streaming platform. With 120 million registered users (a significant increase from 75 million users in 2021), a substantial subscriber base and a catalogue comprising more than 100 million songs, Anghami is the go-to platform for Arabic and International music, podcasts and entertainment.

Since launching in 2012, Anghami has broadened its portfolio beyond music streaming. It now provides in-house productions, branded music and video content, concerts and live events, a record label for Arab artists, podcasts, a music lounge with live entertainment, exclusive and original Arabic content, along with its renowned music streaming service.

Anghami’s breadth of data and its leading distribution capabilities present compelling collaboration opportunities with SRMG. Billboard Arabia, the latest addition to SRMG’s media portfolio, will introduce several charts using data from the leading digital streaming platforms – including Anghami – to highlight the artists and songs driving the global and regional music industry. In addition, Thmanyah, Independent Arabia, and Hia, all notable audio content creator outlets under SRMG, are already present within the Anghami platform, setting the stage for continued collaboration between SRMG and Anghami.

SRMG Ventures’ investment in Anghami aligns with the Group’s strategy to invest in businesses and areas of commercial growth, focusing on media creators, immersive and interactive entertainment, and digital media platforms and enablers that are at the forefront of technological and creative innovation. SRMG Ventures inaugural investments included Telfaz11, a Saudi based creative media studio, and Vuz, a leading VR-enabled social media application.

As part of the investment agreement, SRMG will be invited to join Anghami's board of directors and will have the opportunity to increase its investment in Anghami in the future.

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Entertainment

‘Comeback’ Queen Demi Moore ‘Has Always Been Here,’ Says Director

US actress Demi Moore poses with the Best Performance by a Female Actor in a Motion Picture – Musical or Comedy award for "The Substance" in the press room during the 82nd annual Golden Globe Awards at the Beverly Hilton hotel in Beverly Hills, California, on January 5, 2025. (AFP)
US actress Demi Moore poses with the Best Performance by a Female Actor in a Motion Picture – Musical or Comedy award for "The Substance" in the press room during the 82nd annual Golden Globe Awards at the Beverly Hilton hotel in Beverly Hills, California, on January 5, 2025. (AFP)
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‘Comeback’ Queen Demi Moore ‘Has Always Been Here,’ Says Director

US actress Demi Moore poses with the Best Performance by a Female Actor in a Motion Picture – Musical or Comedy award for "The Substance" in the press room during the 82nd annual Golden Globe Awards at the Beverly Hilton hotel in Beverly Hills, California, on January 5, 2025. (AFP)
US actress Demi Moore poses with the Best Performance by a Female Actor in a Motion Picture – Musical or Comedy award for "The Substance" in the press room during the 82nd annual Golden Globe Awards at the Beverly Hilton hotel in Beverly Hills, California, on January 5, 2025. (AFP)

Demi Moore's Golden Globe best actress win for "The Substance" has, almost overnight, transformed the 1990s megastar into a seemingly unlikely favorite for the Oscars.

In her acceptance speech Sunday, the 62-year-old -- who once generated headlines as much for her love life as for her hit films -- said she had long been dismissed as a "popcorn actress," and had never "won anything as an actor."

But for Coralie Fargeat, the French director who also wrote Moore's new, blood-drenched body horror film, there is nothing surprising about the late-career reappraisal her leading lady is now enjoying.

"It was so moving to see Demi on that stage," Fargeat told AFP, the morning after Moore's big win.

The movie allowed audiences "to see who she is as an actress, and not project any more the stereotype that if you're beautiful, you can't be a good actress."

"It is being called a comeback. But she has always been here," Fargeat added.

Society's obsession with pigeonholing and pinning expiration dates on women is the core premise of "The Substance."

In the film, globally distributed by MUBI, Moore's character Elisabeth is a fading movie star, who is abruptly fired from her hit TV fitness show as she turns 50.

Out of desperation, she injects herself with a mysterious serum which allows her to live in a younger version of her body -- as long as she returns to her older form every week.

Inevitably, the allure of remaining young proves too strong, especially after Elisabeth's stunningly youthful alter ego is catapulted to fame by creepy male executives.

- 'Dream' -

Fargeat had long been a fan of Moore's acting work, which included hits like "Indecent Proposal" and "Ghost," as well as more divisive fare like "G.I. Jane."

"I could like or not like the movies, but I think she always delivered pretty great performances," said the director.

But Moore's real-life career also incarnated "this iconic star" represented by her character in "The Substance."

"Someone who has been totally valued for this dream, this fake promise that if you're young, beautiful, you're going to be happy and successful," said Fargeat.

"And when this goes away, it's like all your life is going away."

Even so, Moore's pitch-perfect casting as Elisabeth nearly did not happen.

Fargeat at first assumed Moore would not be interested in a role requiring countless, grotesque scenes of gore and decay.

But the director picked up a copy of Moore's 2019 memoir "Inside Out," which laid bare the actor's battles with ageism and misogyny, as well as addiction, abuse and very public divorces.

"When I read her book, I really saw that she was ready to take the level of risk that the movie requested," said Fargeat.

"The film is really about women's bodies. I wanted to tell my stories [in] the flesh," recalled Fargeat.

Fargeat also admits she was a demanding and meticulous director on set, requiring "a lot of takes."

Moore has spoken about losing 20 pounds (nine kilos) and contracting shingles due to the intense strain of filming, while co-star Margaret Qualley described being in the movie's prosthetic suits as "torture" that triggered panic attacks.

"If the lead performance isn't ready to go that far, the whole movie falls apart," said Fargeat.

Moore "took the risk to follow the vision of the movie... that's very, very brave and courageous," she said.

- Oscars race -

With the Globes win, more attention will come to "The Substance" -- both from wider audiences, and Oscars voters, who are picking their final nominees on ballots due this week.

Fargeat herself could earn nods for best director and best original screenplay, and "The Substance" is tipped by many pundits to make the best picture list.

But few would now bet against Moore for best actress.

"From the beginning, I believed that this can happen," said Fargeat. "That's what cinema is about -- creating things that people are not expecting."

"I'm just immensely proud to have created this part."