10% growth in mass market segment (FY22: 7%) Our mass market tier (i.e. Access and Family packages) grew 10% YoY after absorbing a weighted average 4% price increase at the beginning of the year. We remain excited about the mass market opportunity and regard our Access base as a springboard for future growth and average revenue per user uplift as income levels of consumers improve over time and our product offers widen. We are already seeing some of this materialise through upgrades from Access to Family within the mass segment, driven by a compelling content offering and targeted campaigns and upgrade strategies. Our mid-market tier declined by 3% YoY as our Compact base is most exposed to the current challenges in the macro-economic environment. On top of the loadshedding challenges explained above, our mid-market customers are most impacted by rising in ation (notably energy, fuel and food costs), rising interest rates in a segment of the market that is increasingly overindebted, and elevated unemployment. Nonetheless, our team has been working hard to revitalise the Compact value proposition by: • working with the PSL to optimise the DStv Premiership for improved fan engagement while also leveraging the tournament to drive positive awareness of our family of brands, • launching the dedicated Compact Cup to better bridge the football offseason, • rejuvenating our Compact branding for a younger, more tech-savvy demographic with our “iRep Impilo” campaign, and • continuing to invest in the leading local content in our market, while developing innovative new offerings like Big Brother Titans. Overview Introduction Understanding Phuthuma Nathi Understanding MultiChoice SA MultiChoice SA performance Financial review Corporate governance review Shareholder information Phuthuma Nathi Investments (RF) Limited Integrated annual report 2023 55
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