Paytv brand, StarTimes, has ascribed its decision to embark on price review, from August 1, this year, to the continued downward slide of the nation’s currency, against other foreign currencies.
Explaining this at a virtual meeting with the media, the company’s Marketing Manager, Viki Liu, stated that the continued rise in foreign exchange rate, had left the organisation with no other option than to tinker with the prices of some of its bouquets, to enable it be in business.
She however stated that the company had put in measures, aimed at mitigating the effects of the price review on subscribers.
One of such measures, Viki explained, wasthe company’s decision to refresh its content offerings and bring more sought-after contents to its subscribers at very affordable rate.
Debunking insinuations that the company was only toeing the line of competition, to also increase the prices of its offerings, the company’s Marketing Manager insisted that the company was doing a price review to enable it stay afloat.
“We are not toeing any competition’s line. If we were doing that we would have increased our prices since February. Earlier in the year (2020), the Federal government increased the rate of the Value Added Tax (VAT) from 5% to 7.5%. This increase did have an effect on our cost, but in consideration of our customers’ plight, we have continued to bear that extra cost. We didn’t pass on the extra cost.
“More recently, the impact of the foreign exchange rate has had an overwhelming adverse effect on our business. Our business is not exempted from the effect of the naira depreciation affecting all businesses in the country. And since our foreign contents are bought in dollars, we have been made to make some slight price review, to enable us to continually serve our subscribers the best contents,” she added.
She however expressed the belief that the company’s flexibe payment plans, which allows for daily, weekly and monthly subscriptions, and the addition of more than 15 interesting channels to our various bouquets would go a long way in mitigating the effects of the price increase.
The company, at the meeting, had announced an upgrade of its contents and a price adjustment.
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