MultiChoice loses 2.8m subscribers as South Africans dump DStv –Report

*MultiChoice, operator of DStv and GOtv services loses 2.8 million subscribers, confirming a period of significant financial disruption for economies, corporates and consumers across sub-Saharan Africa due to ‘challenging macroeconomic factors’

Isola Moses | ConsumerConnect

The situation is death by a million cuts, as MultiChoice, operator of DStv and GOtv services lost 2.8 million subscribers since its height March 31, 2023, declining from 17.3 million to 14.5 million, a reduction of over 16 percent in two years.

ConsumerConnect reports  French media conglomerate Groupe Canal+, new owner of MultiChoice, recently published an investor presentation with charts illustrating the pay-TV company decline in recent years.

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The new company owner’s report indicated that MultiChoice was not only declining in subscriber numbers but also in other key metrics, including revenue and trading profit.

It was gathered that South African-owned MultiChoice’s decline has been evident, especially in South Africa and/ or Nigeria since 2016, when the company started losing its highest-value DStv Premium subscribers.

That was the same year as Netflix’s global expansion.

The company announced the global rollout of its services in January 2016 at CES, MyBroadband report also said.

It is noted the South Africa’s pay-TV giant was able to cover this decline through gains on its lower-tier packages and growth in the rest of Africa.

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When MultiChoice was spun out of Naspers in 2019, it started bundling Compact Plus subscribers in with DStv Premium, in a new “Premium market segment” category.

The move supposedly hid the decline of DStv Premium for a year before this new combined category also started recording lower numbers in some markets on the African continent.

Put differently, by 2021, DStv Compact Plus was also in decline, report stated.

MultiChoice also switched to reporting subscribers according to a 90-day active metric rather than the number of subscribers at 31 March and 30 September.

Likewise, its year-end subscribers declined 2022 in South Africa, but the new 90-day active metric allowed MultiChoice to continue reporting subscriber growth in the Southern African country until its 2023 financial year.

The subscriber growth in the rest of Africa as well nosedived 2023, with MultiChoice’s results across the group indicating substantial subscriber declines in 2024 and 2025 respectively.

These declines, according to report, were evident in both the traditional year-end and 90-day active subscriber numbers reported by MultiChoice.

Weathering macroeconomic headwinds in Nigeria, South Africa, others

In its last published financial results for the year ended 31 March 2025, before Canal+’s final takeover, MultiChoice had blamed macroeconomic factors in some markets, including Nigeria and South Africa, for its continued decline.

The pay-TV stated: “The past two financial years have been a period of significant financial disruption for economies, corporates and consumers across sub-Saharan Africa due to challenging macroeconomic factors.

The report further noted: “Combined with the impact of structural industry changes in video entertainment, such as the rise of piracy, streaming services and social media.

It said that had materially affected the “overall performance of the MultiChoice Group.”

How MultiChoice lost 2.8 traditional linear TV subscribers across markets: Official

Aside from losing 2.8 million traditional linear TV subscribers, MultiChoice said the company had to absorb a 10.2 billion Rand negative impact on its topline due to local currency depreciation against the US dollar in South Africa.

It stated: “The Management acted decisively to ensure that the group could withstand these headwinds, focusing on key areas within its control.

“This has meant maintaining a discipline of inflationary pricing, with price increases of ~5.7% in South Africa in FY25 (FY24: 5.6%) and an average of 31% in local currency in Rest of Africa (FY24: 27%).”

The foremost pay-TV firm.onntje continent also explained the development had enabled it to offset subscriber volume pressures and deliver 1% year-on-year organic revenue growth in the current financial year.

MultiChoice noted: “Further efficiencies were implemented to manage costs and cash flows without unduly sacrificing the group’s customer value proposition

“In this regard, the Group delivered 3.7 billion Rand in cost savings, well ahead of Management’s initial R2.0-billion target, and the revised R2.5 billion target set at its half-year results.”

Despite these cost savings, MultiChoice reported that organic trading profit declined by 9% year-on-year across the Group due to the increased operating costs in Showmax in its peak investment year.

Canal+’s plans to reposition MultiChoice for growth, profitability

MultiChoice performance metrics in Canal+ investor’s presentation published November 21, 2025, showed plan to return MultiChoice to growth through several key interventions.

Canal+ also said it would reinvest in subscriber acquisition to capture growth opportunity in the underserved pay-TV market on the African continent.

It will offset higher subscriber acquisition costs through synergies and a granular focus on optimal distribution.

Besides, Canal+ said it would set ambitious growth targets and incentivise teams accordingly, applying a “no small market” philosophy for the African continent.

By implication, Canal+ will not view any market in Africa as “too small” to invest in for future growth.

Aside from driving subscriber acquisition to increase revenue, Canal+ stated that it would develop and implement plans to generate meaningful incremental revenues and revenue synergies across the business.

These measures, the company disclosed would enhance MultiChoice’s customer value proposition.

Canal+ said the move would strengthen the content line-up by sharing material across platforms and apply marketing best practices.

The company noted that it would address the cost side of the business.

It plans to reset the cost base for a sustainable and profitable pay-TV business, in contrast with past cost savings plans aimed solely at short-term profitability.

The pay-TV as well said it would deliver meaningful cost synergies, with an initial focus on content and technology costs, especially large cost items at a global scale.

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