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.
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.
“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.