MultiChoice has made sure there is something for everyone to relish. New Sports, Movies, Reality Shows, Talk Shows, Cooking Shows, Sports Entertainment, and many more, are all in the offing in the coming weeks and months.
Multichoice Group, the parent company of DStv and GOtv, has revealed that 243,000 Nigerians stopped using its services between April and September 2024 due to the further deterioration of the country’s macro and consumer environment.
It noted that high inflation of over 30 percent (32.70 percent in September 2024), driven by food, electricity, and fuel prices and compounded by fuel shortages, affected subscribers in Nigeria.
According to the World Bank, the number of poor Nigerians grew from 115 million in 2023 to 129 million in 2024 because of high inflation, poor economic management, and external shocks.
Read also: DStv, GOtv prices remain unchanged — MultiChoice
The company revealed in its financial statements released on Tuesday that over 566,000 non-South African subscribers stopped using its services in the six-month period under review. Of this decline, Nigeria and Zambia (298,000) contributed to this decline the most.
It noted that Zambia’s decline was driven by “drought-driven power outages of up to 23 hours a day.” The company lost 184,000 subscribers in South Africa in the period.
The pay-TV noted that its number of active subscribers has declined by 1.8 million subscribers to 14.9 million because of challenging macroeconomic conditions that reduced purchasing power.
Despite this, the company said it grew its revenues by 4 percent year-on-year to ZAR25.4 billion on an organic basis due to disciplined inflationary pricing and revenue growth of new products. It, however, noted that its revenues declined by 10 percent on a reported basis, impacted by foreign exchange pressures on the Rest of Africa business and a stronger rand against the dollar.
“We are making good progress in addressing the technical insolvency that resulted from non-cash accounting entries at the end of the last financial year. We expect to return to a positive net equity position by the end of November this year, supported by a number of developments and initiatives. The Group’s liquidity position remains strong, with over ZAR10bn in total available funds,” says Calvo Mawela, MultiChoice Group chief executive officer.