- About 243 000 Nigerian subscribers abandoned DStv and GOtv between April and September 2024
- The firm disclosed this in its financial statement on Tuesday, November 12, 2024, saying subscribers were affected by macroeconomic conditions
- Following the decline in subscriber base, Nigeria and Zambia contributed to the decline, accounting for 298,000 lost subscribers
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Multichoice, the parent company of DStv, GOtv, has disclosed that about 243,000 Nigerians refused to renew their subscriptions between April and September 2024 due to the drop in Nigeria’s macro and consumer environment.
The company noted that high inflation at 32.70 affected subscribers in Nigeria.
Credit: NurPhoto/Contributors
Source: Getty Images
Nigeria, Zambia contribute to most losses
Multichoice disclosed this in its financial statement released on Tuesday, November 12, 2024, saying that over 566,000 non-South African subscribers ended their subscriptions in the period under review.
Following the decline in subscriber base, Nigeria and Zambia contributed, accounting for 298,000 subscribers who discontinued using the pay television company.
The company stated that power outages drove Zambia’s decline as the country experienced severe cuts of up to 23 hours daily.
BusinessDay reports that the company also lost 180,000 subscribers in South Africa.
The pay-tv firm noted its number of active subscribers declined by 1.8 million to 14.9 million due to challenging macroeconomic conditions.
Multichoice reports strong revenue
Meanwhile, Multichoice stated that it grew its revenue by four per cent yearly to 25.4 billion South African rand on an organic basis due to fiscal disciplined inflationary pricing and revenue from new products.
However, it stated that its revenue dropped by 10% on a reported basis, caused by foreign exchange pressure on Africa and a stronger rand against the dollar.
Multichoice Nigeria has increased its DStv and GOtv subscription prices more than once this year, which may have contributed to many subscribers abandoning their decoders.
Recently, the company disclosed that it crashed the prices of its decoders to make them affordable to more subscribers nationwide.
Another pay-TV launch in Nigeria
Legit.ng previously reported that the Nigerian pay television market has gained another player with the launch of Luft Pay TV, adding more competition to the already established providers like DStv, GOtv, and StarTimes.
At the Luft pay-TV launch, Bright Echefu, the founder and CEO, promised that the new pay TV program would tailor its programmes to accommodate customers’ needs.
He also assured customers Luft Pay would offer them the best entertainment in Nigeria and Africa.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
Source: Legit.ng