Multichoice Nigerian lost 243,000 subscribers across its DStv and GOtv services between April and September 2024.
Multichoice Group, an African pay-TV operator, says its Nigerian subsidiary lost 243,000 subscribers across its DStv and GOtv services between April and September 2024.
the high cost of food, electricity, and petrol has forced many of its customers to ditch their decoders.It added that the pressure on its subscriber base in Rest of Africa operations continued from the previous year leading to a loss of 566,000 subscribers across the operations in the six months under review.YoY to 14.9m active subscribers at 30 September 2024,” MultiChoice said.
“The group held USD11m in cash in Nigeria at period-end, down from USD39m at end FY24, a consequence of consistent focus on remitting cash, the impact of translating the balance at the weaker naira and the write-off of the USD21m receivable relating to the cash held with Heritage Bank before its license was revoked and the bank was liquidated,” MultiChoice said.
“Combined with the impact of a weak macro environment on consumers’ disposable income and therefore on subscriber growth, it required the Group to fundamentally adjust its cost base – which is exactly what has been done,” he said.
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