In late December 2025, Anghami reported H1 2025 results for its dual streaming services, Anghami and OSN+, showing growth from 3.37 million in Q4 2024 to 3.54 million in Q2 2025. The growth momentum has normalized from earlier highs: when acquisition talks began in late 2023, the combined services stood at approximately 2.5 million subscribers, then added nearly 900,000 subscribers by late 2024, driven primarily by OSN+, which reported impressive 41% growth between April and October 2024 alone. Yet the slowdown arrives amid intensifying competition, OSN+ is losing momentum to faster-moving rivals despite holding tier-one US content partnerships with Warner Bros. Discovery, Paramount, and NBCUniversal. According to Dataxis, by Q3 2025, and without including the OSN Pay TV base, OSN+ reached 1.52 million OTT Video subscribers in the Arab MENA region, well behind the two leaders MBC Shahid at 5.7 million and Netflix at 4.2 million.Rather than competing on market scale, the platform partnered with MBC Shahid and Disney to launch the "Epic Bundle", available only on MBC Shahid website, priced at approximately USD 25 monthly across six GCC markets (UAE, Saudi Arabia, Qatar, Kuwait, Oman, and Bahrain). By offering three services at the price of two, the bundle targets the 2.4 million Shahid subscribers across these six markets to upgrade to the combined package, while also attracting new bundle customers. Dataxis estimates that in those six countries OSN+ currently captured 984 thousand subscribers by Q3 2025, representing 65% of its total subscriber base but generating approximately 79% of subscription revenues. Beyond the bundle, OSN+ in December partnered with Talabat Pro to offer 20% discounts and a free first month to affluent urban subscribers across the six GCC markets plus Egypt. The two partnerships reflects an underlying equation: with content costs and royalty costs at around USD 40 million (attributable to OSN+ from Anghami's reported H1 2025 total of USD 51 million) against H1 2025 revenues of about USD 27 million, OSN+ will need to return to growth in 2026 to balance its economics.
