Anghami, the Mena-focused rival to Spotify, will be joining a number of tech companies in executing mass layoffs and is now a potential acquisition prospect for Spotify, according to Frankly Magazine.
Anghami has stated that is will laying off 22% of it’s headcount as part of it’s “sustained focus on profitability”.
Anghami was officially listed on the NASDAQ in New York back in February via a merger with a publicly-traded special purpose acquisition company, and the music streaming company interest into a definitive merger agreement back in March 2021, when the company was valuated at $220 million.
Per the report: “The idea was that Anghami would go public if Spotify showed interest in an acquisition, so a SPAC was proposed to speed up the takeover”.
The report says that a Spotify spokeswoman commented that: “We have no news to report regarding a potential acquisition between Spotify and Anghami.”
Anghami, which says that “Arabic content is key” to its “future growth”, saw its active user base increase 46% year-over-year to 19.5 million users in H1.