South Africans are increasingly choosing streaming over satellite TV, Ellies Holdings said on Friday, blaming this in large part for the group swinging to a full-year loss.
increasingly choosing streaming television entertainment over satellite services, Ellies Holdings said on Friday, blaming this in large part for the group swinging to a full-year loss.
“The primary reason for the reduction in revenues and the resultant losses … is the decline in the satellite installations business together with the repeated disruptions in the global supply chain because of China’s Covid-19 lockdown policies,” Ellies told shareholders in a regulatory filing. “Satellite dish installations have continued to show a declining trend over the past several reporting periods due to increased competition from streaming alternatives, which are gaining momentum in the local market.”
“During the initial lockdown restrictions, MultiChoice was deemed an essential services provider and partnered with Ellies to continue delivering its services, which resulted in a surge in new subscriptions as people were homebound. Subsequently, as Covid-19-enforced lockdown restrictions eased, demand for new subscriptions has tapered off,” it said.
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