CEM REPORT | Recent report have revealed that Nigeria leads the Rest of Africa (RoA) in the percentage of subscription revenue and year-on-year subscription growth on cable television subscriptions.
Despite lamentations from various quarters on the state of the economy ranging from inflation and especially epileptic electricity, Nigeria tops the list on South African-based pay-TV operator MultiChoice Group’s full-year 2022 subscription and growth revenue.
Report shows that Nigeria’s Year-on-Year subscription growth stood at 11% and subscription revenue in full-year stood at 43%.
This growth can be traced to popularity of local content like Big Brother Naija.
CEO of MultiChoice Group, Calvo Mawela, attributed the company’s overall growth to the return of live sports and resumption of lost content production.
“Reduced losses in the Rest of Africa (RoA), a rebound in advertising revenues and a continued focus on cost containment enabled us to absorb the R1.1bn ($74.5 million) impact of a normalisation in content costs as live sport returned and we resumed our local content production post the COVID-19 lockdowns”.
“As a platform of choice, our group will look to further expand our entertainment ecosystem by identifying growth opportunities that leverage our scale and local capabilities.”
Behind Nigeria, Kenya follows with a drop of 4% in year-on-year subscription growth and 9% growth in subscription revenue during the financial year. Zambia reported a drop of 3% in year-on-year subscription growth and 7% growth in subscription revenues in FY’2022, while Angola trailed with year-on-year subscription growth of 1% and 5% of subscription revenue in FY’2022.
According to Nairametrics MultiChoice Group posted a trading profit in the sum of $697.8 million (about N292 billion) for the year ended March 31, 2022, rising marginally by 0.4% over what it recorded the previous year.
Its Rest of Africa (RoA) operations, which include Nigeria, reported $81.3 million in trading.
Core headline earnings, which measures the board’s sustainable business performance, were up by 6 per cent at $237.1 million.