Multichoice, a prominent broadcasting company, has raised the prices of its services in Nigeria shortly after revealing a $72 million loss in its financial report for the third quarter of the year. A review of the company’s updated price list indicates a 20% increase across all packages.
The DStv Premium package, with the recent adjustment, surged by 20.4% from N24,500 to N29,500. Similarly, the DStv Compact+ saw a 19.2% increase from N16,600 to N19,800, while the Compact package rose by 19% from N10,500 to N12,500. The Comfam package experienced a 19.2% hike from N6,200 to N7,400. This marks the second time the company has raised prices within six months.
Attributing the hike to a challenging business environment, an anonymous source from the company mentioned the impact of the continuous devaluation of the naira, along with various challenges like taxation, logistics, and other operational expenses.
The source emphasized that the company purchases content in dollars but earns revenue in naira, highlighting the difficulty of maintaining services without adjusting prices. The recent increase follows Multichoice’s acknowledgement of financial difficulties linked to foreign exchange challenges in Nigeria and persistent power outages in South Africa, resulting in its third consecutive semi-annual loss
