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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.