Broadcasting company, Multichoice, has increased the cost of its offerings in Nigeria a few days after declaring a $72 million deficit in its third-quarter financial report.

The Punch revealed that verifications of the company’s evaluated price list revealed a general 20% increase in the company’s packages.

In the most recent  increase, DStv Premium package saw a 20.4 percent price increase, going from N24,500 to N29,500. Comparably, the Compact package increased by 19%, from N10,500 to N12,500, and the DStv Compact+ increased by 19.2%, from N16,600 to N19,800.

The Comfam package increased from N6,200 to N7,400, a 19.2% increase. The most recent  hike made it the second time the company would implement an upward review of prices within a six-month period.

Multichoice had increased the cost of its services in May. The DStv Premium package went from N21,000 to N24,500, an increase of 16.7% (or N3,500) during this round of price increases.

In a similar vein, the price of the DStv Compact+ package increased from N14,250 to N16,600, a rise of 16.5% (N2,350). The price of the DStv Compact package increased from N9,000 to N10,500, a 16.7% increase. The N6,200 DStv Confam package now costs N6,200, a 17% increase from N5,300.

A company spokesperson, who wished to remain anonymous, confirmed the most recent hike and attributed it to the challenging business environment.

The source claimed that the business had to deal with the disastrous effects of the naira’s ongoing devaluation in addition to a vast array of challenges including taxation, logistics, among others.

According to the source, “Our rates have gone up. We earn naira but purchase content in dollars. We will face harsh criticism if we discontinue a channel or cease acquiring content that our audience is accustomed to.

“We buy diesel. We have to pay taxes. even prior to this year, with the dollar and removal of fuel subsidies. We pay licensing fees in billions. We run multiple offices. We must pay our employees.”

The most recent increase follows Multichoice’s announcement of a third straight semi-annual loss, which it attributed to ongoing power outages in South Africa and problems with foreign exchange in Nigeria.