Sky TV said it is raising prices on its Sky Sport and Sky Sport Now packages once more.
Sky Sport’s price will rise from $47 to $52 per month, marking about a 10% hike.
Sky raised its price from $42 to $47 last March and from $37.99 to $42 in February 2024.
Sky announced that Sky Sport Now’s monthly pass will rise from $54.99 to $59.99, while the premium monthly price climbs from $59.99 to $64.99.
“The cost of Sky Sport Now day pass and annual pass is not changing. All existing discounts and deals will stay in place until they expire,” Sky said in a statement.
“We work hard to keep providing exceptional value for fans, and we’re proud that Sky Sport offers an extraordinary amount of world-class sport for New Zealanders.”
“While we understand every household has to choose what to spend their money on, we believe it’s great Kiwi fans are able to access a breadth and depth of live international and local sport (that is genuinely rare in global markets) in a single subscription.”
“We’re also improving the viewing experience this year, with a range of sporting events now being broadcast in 4K, and more to follow.”
Forsyth Barr New Zealand equities analyst Benjamin Crozier noted that Sky has held steady on customer numbers lately, even amid its price hikes.
“It’s always the question, how much do you push the price… But you look at what Sky’s done; it’s renewed the rugby, it’s won back the cricket… it’s got a broader suite of sports there.”
“As with any good business, you’ve got to test the price elasticity of your customers. In the last couple of years they’ve put up prices, and in terms of the numbers they report in terms of sport subscribers, they’ve held steady.”
“There’s always ups and downs depending on what sports events are on around the world, but it has been working for them, and they’ve been able to offset some of the declines in the legacy parts of their business.”
Generate investment specialist Greg Smith said Sky can justify its price hikes as long as it holds the rugby rights.
“Thing looks okay in the medium term, as they have the rights till 2030. Beyond that will be interesting.”