in ,

Hard Economic Times Force Kwese TV To Switch Off Its Operations

Econet sponsored TV channel Kwese TV has shut down its operations in what it termed as hard economic times in its home country Zimbabwe.

In a statement, the station confirmed that it would go off on August 5 (Monday), after a three-year stint in the Kenyan market.

“We regret to announce the discontinuation of Kwese TV Satellite Service with effect from Aug. 5. With the prevailing economic conditions in Zimbabwe, and the current business operating environment –characterized by an acute shortage of foreign currency –sustaining Kwese and Kwese Satellite Service was no longer viable,”  said the parent company, Econet.

Read: Kwese TV Bows Out Of Its Kenyan Operations, Shift Focus To Video-On-Demand

The station started with a pay-tv service in Kenya, but stalled on the way and was closed nine months ago as a result of stiff competition and hard economic times.

The company had shifted its focus to Over The Top (OTT-streaming services) and video-on-demand services, which also have collapsed.

Then, Joe Hundah, Group President and Chief Executive of Econet Media, said the business’ repositioning is in response to market trends.

Read: Kwesé Aborts Kenyan Exit Plan, Launches Video-on-demand Streaming Service

“We believe these changes will safeguard the future success of our business as we continue to make an indelible impact on Africa’s media industry. The revised business strategy will also ensure that Kwesé TV continues to remain competitive within the industry,” said Mr Hundah.

Following dwindling fortunes, in July, Econet Media went into voluntary administration to try and salvage the business.

Email your news TIPS to [email protected] or WhatsApp +254708677607. You can also find us on Telegram through www.t.me/kahawatungu

Francis Muli

Written by Francis Muli

Senior reporter at Kahawa Tungu, Muli has a passion for human interest stories. He believes in unearthing societal rots that have been hidden from the public eye. He has also carved himself a niche in writing business stories. He has worked for various organisations including Kenya Television Service, Business Today among others. Follow him on Twitter @FmuliKE.
Email: [email protected]

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Loading…

siaya mcas

EACC Summons 41 Siaya MCAs Over Sh8.2 Million Trip To Uganda

joho

Governor Joho Hangs Out With American Singer Paris Hilton In LA (Video)