Thelma Osatohanmwen
Multichoice, the broadcasting company, has increased the prices of its offerings in Nigeria by 20%, shortly after announcing a $72 million loss in its financial statement for the third quarter of the year.
The reviewed price list reveals hikes across all the company’s packages.
The DStv Premium package now costs N29,500, marking a 20.4% increase from N24,500. Similarly, the DStv Compact+ has gone up by 19.2% from N16,600 to N19,800, while the Compact package increased by 19% from N10,500 to N12,500. The Comfam package moved up by 19.2% from N6,200 to N7,400.
This marks the second time within a six-month period that Multichoice has implemented an upward review of prices. The previous price hike occurred in May, with increases ranging from 16.5% to 17%.
A spokesperson for the company, who preferred to remain anonymous, attributed the latest hike to the harsh business environment, including the devaluation of the naira, taxation, logistics, and other challenges. The spokesperson highlighted the impact of buying content in dollars while earning in naira, along with various operational costs.
Multichoice recently reported its third consecutive semi-annual loss, citing foreign exchange difficulties in Nigeria and persistent power outages in South Africa as key contributors to its financial challenges.
