SKY TV's shares have plummeted by over seven per cent today on the news they are modifying their pricing packages to include a cheaper entry point as the number of satellite TV subscribers continues to drop.
The current share price is sitting at $2.59, as of 1.33pm, down 21 cents from the previous close of $2.80.
This price comes close to its five-year low, which was recorded at $2.45 in December.
Almost 34,000 subscribers cancelled their Sky subscriptions in the year to June, prompting the company to look at other options.
Sky's 'Sky Basic' package, which costs $49.91 per month will now be split into two smaller packages called Sky Starter and Sky Entertainment.
People could then choose Sky Starter for $24.91 per month, which features a more limited range of channels compared to 'Basic'.
This means customers could subscribe to a deal including Sky Sports for $54.81 per month, a cut from the current $79.81 minimum.
Those customers who kept both of the newly-minted packages would now also receive the $9.99 Soho channel for free.
The company has also reported a five per cent drop in overall revenue to $433 million for the six months to December.
Despite lower revenue, the company has increased its net profit for the year, up 12 per cent to just under $67 million due to an eight per cent drop in operating costs.