This December might bring discomfort, owning to fact to how inflation is becoming a normal song in Nigeria. Multichoice, the broadcasting company, has raised the prices of its offerings in Nigeria shortly after announcing a $72 million loss in its financial statement for the third quarter of the year.
A review of the company’s updated price list revealed a 20% increase across all its packages. The DStv Premium package saw a 20.4% hike from N24,500 to N29,500. Similarly, the DStv Compact+ increased by 19.2% from N16,600 to N19,800, and the Compact package rose by 19% from N10,500 to N12,500.
The Comfam package moved up by 19.2% from N6,200 to N7,400. This marks the second time the company has adjusted its prices within a six-month period.
Recall that In May, Multichoice had previously increased prices, with the DStv Premium package rising by 16.7% (N3,500) from N21,000 to N24,500. The DStv Compact+ package increased by 16.5% (N2,350) from N14,250 to N16,600, and the DStv Compact package rose by 16.7% from N9,000 to N10,500. The DStv Confam package increased by 17% from N5,300 to N6,200.
Confirming the latest hike, an anonymous spokesperson for the company attributed the decision to the challenging business environment.
The spokesperson highlighted issues such as the continued devaluation of the naira, taxation, logistics, and other challenges. The company stated that purchasing content in dollars while earning in naira, coupled with various operational costs, contributed to the need for a price adjustment.
The recent increase follows Multichoice’s report of a third consecutive semi-annual loss, citing foreign exchange difficulties in Nigeria and persistent power outages in South Africa as significant contributors to its financial challenges.
