MultiChoice Nigeria’s subscriber base has shrunk by 243,000 amid the tough economic conditions in the country.
This was disclosed in the company’s interim financial report released on Tuesday, November 12.
According to the company, many of its subscribers in Nigeria have abandoned their decoders due to the tough economic situation in the country.
Meanwhile, overall group revenue at Multichoice fell by 10% to $1.41 billion on a reported basis but grew by 4% on an organic basis, which excludes the impact of foreign exchange effects and mergers and acquisitions.
Multichoice said subscriptions fell by 5% and 15% respectively in its South African and Rest of Africa operations.
It said profit was further hit by incremental investments in streaming platform Showmax, which Multichoice is prioritising to fight off competition from streaming giants Netflix, Amazon and Disney.
“Stripping out Showmax, the group would have seen reported trading profit increase by 28% on an organic basis,” the company revealed.