Multichoice, the broadcasting company, has implemented a 20% increase in the prices of its packages in Nigeria. This move comes shortly after the disclosure of a $72 million deficit in the company’s third-quarter financial report. Notably, the DStv Premium bundle experienced a 20.4% price hike, rising from N24,500 to N29,500. Similarly, the Compact package saw a 19% increase, climbing from N10,500 to N12,500, while the DStv Compact+ rose by 19.2%, going from N16,600 to N19,800. The DStv Confam package increased from N6,200 to N7,400, marking a 19.2% rise. This is the second time in two months that Multichoice has adjusted its pricing.
An insider suggested that the company is facing challenges such as taxes, logistics, and the impact of the naira’s devaluation. The source emphasized the need to continue providing content and services to customers while dealing with financial pressures, including operating costs, fuel expenses, licensing fees, and staff payments.
Multichoice recently reported a third consecutive semi-annual loss, attributing it to ongoing power shortages in South Africa and currency exchange issues in Nigeria.
