Following the announcement of a $72 million loss in its financial statement for the third quarter of the year, broadcasting company Multichoice has increased the prices of its offerings in Nigeria.
A 20% hike is evident in the company’s reviewed price list for all packages.
The DStv Premium package now costs N29,500, marking a 20.4% increase from its previous price of N24,500. Additionally, the DStv Compact+ has risen by 19.2% from N16,600 to N19,800, while the Compact package now stands at N12,500, reflecting a 19% increase from its earlier price of N10,500.
The Comfam package has also surged by 19.2% from N6,200 to N7,400. This recent increment marks the second time the company has raised prices within a six-month period.
In a previous round of price hikes in May, Multichoice elevated the DStv Premium package by 16.7% (N3,500) from N21,000 to N24,500, the DStv Compact+ package by 16.5% (N2,350) from N14,250 to N16,600, and the DStv Compact package by 16.7% from N9,000 to N10,500. The DStv Confam package also underwent a 17% increase from N5,300 to N6,200.
An anonymous spokesperson from the company confirmed the price hike to NewsNow and attributed it to the harsh business environment. The spokesperson cited the impact of the continued devaluation of the naira, along with challenges such as taxation, logistics, and more.
The spokesperson explained, “Yes. We have increased our rates. We buy content in dollars but earn in naira. If we take off a channel or stop acquiring content that our customers are used to, we will be slammed. We buy diesel. We pay taxes. Even before this year, with the dollar and fuel subsidy removal. We pay billions in licensing fees. We operate several offices. We have to pay staff.”
This latest price revision follows Multichoice’s report of a third consecutive semi-annual loss, attributed to foreign exchange challenges in Nigeria and persistent power outages in South Africa.
