In the wake of a staggering $72 million loss in its third-quarter financial statement, Multichoice, the broadcasting giant, has sent shockwaves through Nigeria by implementing a substantial 20% price increase across all its packages.
The DStv Premium package, a flagship offering, witnessed a sharp 20.4% surge from N24,500 to N29,500.
Similarly, DStv Compact+ and Compact packages rose by 19.2% and 19%, respectively, leaving subscribers facing higher bills for their entertainment.
This marks the second price hike within six months, following a previous increase in May. During that round, the DStv Premium package saw a 16.7% spike, prompting concerns among subscribers about the affordability of Multichoice services.
Confirming the latest increase, an anonymous spokesperson for the company cited a challenging business environment, pointing to factors such as the continuous devaluation of the naira, taxation, logistics, and other hurdles.
The spokesperson explained, “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. We operate several offices. We have to pay staff.”
This price surge follows Multichoice’s third consecutive semi-annual loss, attributing financial challenges to foreign exchange difficulties in Nigeria and persistent power outages in South Africa.
Subscribers now grapple with both the economic repercussions and the impact on their access to premium content.