MTN, one of the largest telecom in Nigeria has recently stated that the increase of data demand among its users has led to significant revenue for the company. The data revenue valued at N804 billion has surpassed voice call revenue in the first nine months of 2024.
With data now surpassing voice as the telecom behemoth’s primary revenue source, this milestone signifies a change in MTN’s revenue structure.
The telco revealed in its unaudited financial report for the nine months ending September 30, 2024. They stated that the surge in data usage was caused by more demand for digital services, greater smartphone penetration, and the extended 4G to 5G coverage.
The N804 billion in data revenue is a 15% rise over the N701 billion made in 2023 during the same time frame. Data revenue increased to N269.06 billion in the third quarter alone, significantly showcasing users’ heavy reliance on data services.
Data and digital services were major contributors to MTN Nigeria’s overall income, which increased by 34% year over year to N2.37 trillion over the nine months.
The obvious transition to data-based services was highlighted by the N701 billion in voice revenue at the same time.
Karl Toriola, the Chief Executive Officer of MTN Nigeria, stated, “In the first nine months of 2024, we sustained the growth in our underlying operating performance—underpinned by our resilient business model and operational agility—despite challenging conditions.”
A practical example of how data revenue is surpassing voice revenue can be seen as telecom users are now comfortable with placing WhatsApp calls to each other, which uses data as opposed to voice calls which use airtime.
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