MultiChoice suffers revenue decline as Nigerians abandon them for other alternatives

MultiChoice Group, MultiChoice Nigeria’s parent business, has shown a 30.77% drop in Nigerian subscriber revenue for the whole fiscal year ending in March 2024.

BusinessDay found that income dropped to $341.72 million from $493.59 in the previous year despite two times price increase for membership fees.

The corporation ascribed this decline to a number of causes, including declining naira value, historically high inflation exceeding 33%, and rising gasoline prices.

It stated:

“Higher fuel costs in local currency also hurting consumers. Power interruptions of 16 hrs /day. Official rate weakened 50% year-on-year versus the dollar, and liquidity remains tight, “parallel rate” closed N1600 vs. N1308 official rate,”