Showmax hikes subscription prices after recent relaunch
TLDR
- MultiChoice, a South African broadcasting media company, increases prices of Showmax packages after six months of relaunch.
- Showmax Entertainment returns to its initial price of R99 ($5.37) per month starting in August 2024.
- Showmax General Entertainment package will now cost R89 ($4.77) per month.
Six months after its relaunch, MultiChoice, a South African broadcasting media company, has increased the prices of its video streaming service Showmax packages while maintaining the price of the Premier League package.
Starting in August 2024, Showmax Entertainment will return to its initial price of R99 ($5.37) per month, which was set at its launch in 2015. Showmax Entertainment Mobile will be offered at R45 ($2.48).
In January 2024, the company announced it would charge R89 ($4.77) per month for its Showmax General Entertainment package, with the new Showmax Premier League Mobile costing R69 ($3.70) per month, and Showmax Entertainment Mobile remaining at R39 ($2.09) per month.
Key Takeaways
This development comes as MultiChoice’s subscribers have continued to decline over the years amid competition from streaming platforms like Netflix and Amazon Prime. In June 2024, the media company reported its operational performance for the fiscal year ending March 2024 (FY24), showing a 9% decrease in total active subscribers. In Nigeria, Angola, Kenya, and Zambia, subscriber numbers fell by 13% due to local currency depreciation, impacting the Group's dollar revenues by 32%. Meanwhile, South Africa experienced a smaller decline of 5%. Despite these losses, MultiChoice's streaming platform, Showmax, achieved a 22% organic revenue growth, reaching $54.475 million. In March 2023, Comcast’s NBCUniversal and Sky acquired a 30% stake in Showmax, providing the platform with access to NBCUniversal’s Peacock, a video-streaming service.
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