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, set to mature in December 2027 with an 11% annual interest rate.

The convertible notes allow OSN to transform the debt and interest into ordinary ANGH shares at their discretion. Anghami must maintain a minimum consolidated cash balance of $1 million as part of the agreement.

CEO Elie Habib, who also serves as OSN+ CEO, emphasized the partnership's success and its potential to enhance digital entertainment for MENA audiences. Since the partnership's implementation in April, Anghami has:

• Rebuilt the OSN+ video platform
• Achieved 41% growth in video streaming subscribers
• Maintained 120 million registered users and 3.5 million paid subscribers
• Recorded an 18% ARPU increase among direct subscribers in 2024
• Seen 28% growth in streaming engagement

Despite these positive metrics and the new funding commitment, Anghami's stock (NASDAQ: ANGH) experienced a 5% decline to 81 cents per share, representing a market cap of approximately $55 million. This marks a 25% decrease since the start of 2024 and an even steeper drop from its $2 value during the OSN deal's April closure.

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