Angami cuts staff by 22%, cuts costs with cloud computing – Billboard

Popular Arab-language music and content streaming service Angami has become the latest music company to cut staff as growing global economic uncertainty forces companies to cut costs to maintain profitability.

The Abu Dhabi-based company said in a statement last week (15 November) that it was cutting its full-time workforce by 22%, or roughly 39 employees.

“Given the impact of challenging macroeconomic conditions, we had to take some cost discipline measures to improve our bottom-line performance,” heel maroon, Angami’s chief executive and co-founder said in a statement announcing the company’s third quarter earnings.

Many music companies have laid off employees or cut investment budgets in recent months as they prepare for a possible economic downturn. This summer, Spotify said it would cut 25%, SoundCloud laid off 20% of its workforce and BMI said it was cutting just under 10% of its total workforce, to 30 people. Through a combination of letting go and leaving some jobs unfinished.

Launched in 2012, Angami is the most popular streaming and content company focused on Arabic-language music, with about 58% of the Middle East market share and about 20 million active users, according to a company filing.

Since going public on the NASDAQ in February, Angami’s stock has plunged more than 73% to close at $2.70 on Monday. The company’s low stock price and increasing interest from investors in music companies based in the Middle East and Africa have fueled market buzz about the company’s future. Earlier this month, the German magazine to be honest reported that Spotify was considering buying Angami.

in an email billboard, Maroon said the cuts were necessary as the company worked to reduce operating expenses and focus on profitability. Maroon declined to answer questions about whether the company was preparing for a possible sale.

In its third-quarter earnings, Angami reported that its revenue rose 29% to $31.7 million, up from $24.5 million in the year-ago quarter. The company’s gross profit rose 13% in the quarter ended September 30, helped by a 19% reduction in cloud computing costs from the year-ago period and a 15% increase in music traffic in the quarter.

Additional reporting by Alexi Barrionuevo

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