Multichoice Increases DStv, GOTV Prices To settle $72m Forex Loss
Days after disclosing a $72m loss in its financial statement for the third quarter of the year, the Broadcasting company Multichoice has increased the prices of its offerings in Nigeria.
A quick check on the company’s reviewed price list showed a 20 per cent per cent increase in the company’s packages across the board.
While confirming the latest hike to a correspondent, a spokesperson in the company who preferred to speak anonymously blamed the harsh business environment for the hike.
The source noted that the company had to grapple with the devastating consequences of the continued devaluation of the naira, alongside a vast array of challenges including taxation, logistics, among others.
According to the source, “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.”
The latest hike comes after Multichoice disclosed a report on a third consecutive semi-annual loss, attributing its financial challenges to foreign exchange difficulties in Nigeria and persistent power outages in South Africa.