MultiChoice reports dwindling subscribers in Nigeria

African Pay-TV operator, Multichoice Group, has blamed Nigeria’s economic challenges for the decline in DStv subscribers.

According to Multichoice, active subscribers in the country reduced by 18 per cent.

The company disclosed this in its financial result for the year, which ended March 31, 2024.

According to Multichoice, the decline in Nigeria affected its overall subscriber base leading to a nine per cent decline for the year.

The total subscription figure for Nigeria was not stated as it is lumped with other operating units outside South Africa tagged as ‘Rest of Africa’ (RoA).

It reported that the 18 per cent decline in Nigeria brought the RoA’s total active subscribers down by 13 per cent to 8.1 million from 9.3 million in 2023.

“The group’s 9% decline in active subscribers was mainly due to a 13%?decline in the Rest of Africa business as mass-market customers in countries like Nigeria had to prioritize basic necessities over entertainment, while the South African business showed more resilience with a 5% decline.

“The Nigerian economy and consumers faced persistent challenges through FY24. The removal of fuel subsidies, sharp currency depreciation with the official naira halving in value, inflation climbing to over 30%, and higher emigration of the middle and upper class drove an 18% YoY decline in active subscribers,” the company said.

Multichoice added that this also reduced Nigeria’s contribution to the Rest of Africa revenues from 44 per cent to 35 per cent.