XML 18 R10.htm IDEA: XBRL DOCUMENT
v3.24.4

Segment Information | 6 Months Ended
--- | ---
Jun. 30, 2024
Segment Information [Abstract] |
SEGMENT INFORMATION |
| 5 | SEGMENT INFORMATION
The Group has three reportable segments: Revenue from subscriptions, Revenue from advertisement, and Revenue from live events. The Premium service is a paid service in which customers can listen on demand and offline. Revenue for the Premium segment is generated through subscription fees. The Ad-Supported service is free to the user. Revenue for the Ad-Supported segment is primarily generated through the sale of advertising across the Group’s content. Revenues from live events are generated from the sale of tickets, food and beverage & sponsorships. Royalty costs are primarily recorded in each segment based on specific rates for each segment agreed with the rights holders. The remaining cost of revenue items that are not specifically associated to either of the segments are allocated based on user activity in each segment. No operating segments have been aggregated to form the reportable segments. Key financial performance measures of the segments including revenue, cost of revenue, and gross profit are as follows:
|  | For the six-month period ended June 30 |
|  | (Unaudited) |  |  | (Unaudited) |
|  | 2024 |  |  | 2023 |
|  | USD |  |  | USD |
Revenue from subscription segment |  |  |  |  |  |
Revenue |  |  | 23,983,378 |  |  |  | 11,396,668 |
Cost of revenue |  |  | (33,935,805 | ) |  |  | (11,511,698 | )
Gross loss |  |  | (9,952,427 | ) |  |  | (115,030 | )
Revenue from advertisement segment |  |  |  |  |  |  |  |
Revenue |  |  | 4,455,020 |  |  |  | 5,266,208 |
Cost of revenue |  |  | (2,918,095 | ) |  |  | (2,058,000 | )
Gross profit |  |  | 1,536,925 |  |  |  | 3,208,208 |
Revenue from live events segment |  |  |  |  |  |  |  |
Revenue |  |  | 1,358,884 |  |  |  | 2,240,835 |
Cost of revenue |  |  | (1,438,349 | ) |  |  | (2,046,802 | )
Gross (loss)/ profit |  |  | (79,465 | ) |  |  | 194,033 |
Consolidated |  |  |  |  |  |  |  |
Revenue |  |  | 29,797,282 |  |  |  | 18,903,711 |
Cost of revenue |  |  | (38,292,249 | ) |  |  | (15,616,500 | )
Gross (loss)/ profit |  |  | (8,494,967 | ) |  |  | 3,287,211 |
Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported net results. Reconciliation of gross loss Selling and marketing, operating expenses, finance income, and finance costs are not allocated to individual segments as these are managed on an overall group basis. The reconciliation between reportable segment gross profit to the Group’s loss before tax is as follows:
|  | For the six-month period ended June 30 |
|  | (Unaudited) |  |  | (Unaudited) |
|  | 2024 |  |  | 2023 |
|  | USD |  |  | USD |
Segment gross (loss)/profit |  |  | (8,494,967 | ) |  |  | 3,287,211 |
Selling and marketing expenses |  |  | (9,075,071 | ) |  |  | (4,637,110 | )
General and administrative expenses |  |  | (8,819,171 | ) |  |  | (9,211,224 | )
Consultancy and professional fees |  |  | (764,342 | ) |  |  | (738,882 | )
Government grants |  |  | 871,385 |  |  |  | 1,431,490 |
Finance costs |  |  | (66,111 | ) |  |  | (84,042 | )
Finance income |  |  | 188,881 |  |  |  | 5,234 |
Other income |  |  | 47,173 |  |  |  | 840,100 |
Impairment of goodwill |  |  | (350,000 | ) |  |  | - |
Share of loss of a joint venture |  |  | (362,978 | ) |  |  | (126,844 | )
Fair value change of warrant liabilities |  |  | 221,413 |  |  |  | (208,383 | )
Foreign exchange loss, net |  |  | (599,773 | ) |  |  | (2,409,540 | )
Loss before tax |  |  | (27,203,561 | ) |  |  | (11,851,990 | )
Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported net results. Revenue by market
|  | For the six-month period ended June 30 |
|  | (Unaudited) |  |  | (Unaudited) |
|  | 2024 |  |  | 2023 |
|  | USD |  |  | USD |
KSA |  |  | 8,666,652 |  |  |  | 2,930,379 |
UAE |  |  | 5,679,127 |  |  |  | 4,286,444 |
Egypt |  |  | 5,089,050 |  |  |  | 6,976,960 |
Kuwait |  |  | 3,079,107 |  |  |  | 250,041 |
Qatar |  |  | 1,679,568 |  |  |  | 141,878 |
Lebanon |  |  | 1,404,887 |  |  |  | 1,588,373 |
Jordan |  |  | 559,921 |  |  |  | 551,497 |
Morocco |  |  | 352,928 |  |  |  | 537,996 |
Others* |  |  | 3,286,042 |  |  |  | 1,640,143 |
|  |  | 29,797,282 |  |  |  | 18,903,711 |
Premium revenue is attributed to a country based on where the membership originates. Ad-Supported revenue is attributed to a country based on where the advertising campaign is viewed. Live events revenue is attributed to a country based on where the events occurred.
* | There is no individual geographical market other than those disclosed above which would constitute more than 5% of the total revenue.

X
- References No definition available. + Details
Name: | ifrs-full_DisclosureOfOperatingSegmentsAbstract
Namespace Prefix: | ifrs-full_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of information about the relationship between the disclosure of disaggregated revenue from contracts with customers and revenue information for reportable segments. [Refer: Reportable segments [member]; Revenue from contracts with customers] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 15 -IssueDate 2024-01-01 -Paragraph 115 -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=15&code=ifrs-tx-2024-en-r&anchor=para_115&doctype=Standard -URIDate 2024-03-27 + Details
Name: | ifrs-full_InformationAboutRelationshipBetweenDisclosureOfDisaggregatedRevenueFromContractsWithCustomersAndRevenueInformationForReportableSegmentsExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-2022:textBlockItemType
Balance Type: | na
Period Type: | duration