RIYADH: Starzplay Arabia, one of the top streaming services in the Middle East, is forecasting a 40 percent jump in revenue in 2022, as its anime and sports content has drawn more subscribers, its CEO said.
Netflix’s Middle East rival Starzplay has recently added two new revenue streams that are expected to contribute around 30 percent to the company’s overall revenue by 2023.
The two new revenue streams include advertising on its sports channels, as well as distributing its apps in Malaysia, Indonesia, the Philippines, and Sri Lanka, Maaz Sheikh told The National on Wednesday.
Starzplay is likely to go public in the next two to three years, but he said that decision depends on the shareholders. The company’s main focus in the next year or two remains on growth plans and creating value as it seeks to reach profitability by the second quarter of 2024.
“We’re fully capitalized to grow the business and eventually stand on our own two feet. There are no plans to raise more funds; the focus now is on execution,” Sheikh said.
The platform's revenue rose 40 percent year-on-year in the first half of the year, while subscribers increased by 20 percent to 2.1 million.
