Price hikes meant to protect profits across Africa are accelerating subscriber losses at MultiChoice Group, as economic pressure and streaming competition reshape the continent’s television market.
- •The Africa-focused broadcaster, best known for the DStv and GOtv platforms, ended its latest financial year with 14.4 million subscribers, down from 14.9 million a year earlier, a loss of roughly 500,000 customers across its footprint.
- •Revenue slipped to €2.4 billion from €2.54 billion a year earlier and adjusted operating profit fell 14% to €159 million.
- •The figures were released alongside the strategic update of Canal+, the French media group that is in the process of integrating the African broadcaster following its takeover.
“We began the year facing significant challenges. The MultiChoice acquisition had yet to be completed, we had major unresolved legacy tax issues in France, profitability concerns in Europe and significant sports tenders still outstanding. And 2025 was also our first year as an independent listed business,” said Maxime Saada, Canal+ CEO.
MultiChoice spent much of the past year raising subscription prices and trimming promotions in an effort to offset surging content costs, currency depreciation, and inflation across its operating markets.
Instead, the strategy pushed some customers out of the pay-TV ecosystem. Households across many African markets have faced rising living costs and currency volatility, leaving entertainment subscriptions increasingly vulnerable.
For pay-TV operators like MultiChoice, which built its dominance on premium sports and satellite broadcasting, the price sensitivity of consumers has become more evident as streaming services and cheaper entertainment alternatives spread across the continent.
Nigeria, and the Untimely Death of Showmax
Although individual country figures were not disclosed, the continent-wide decline in subscribers suggests that several mid-income markets are contributing to the erosion of the customer base.
Macroeconomic turmoil in Nigeria, one of the company’s most important markets outside South Africa, was singled out as a major drag on financial performance. The sharp depreciation of the naira reduced the value of revenue when translated into euros while also forcing the company to adjust pricing in local currency. At the same time, frequent electricity outages and economic instability made it harder for households to sustain discretionary spending on pay-TV subscriptions.
Furthermore, inflation and slower growth have made higher-tier DStv packages less affordable, particularly in markets such as Kenya, Ghana and Tanzania where rising living costs are squeezing consumer budgets.
Canal+ also decided to shut down Showmax, bringing an end to what it terms as an ‘expensive’ streaming push that strained finances at MultiChoice Group. The platform required heavy investment in technology, marketing, and content but struggled to achieve the scale needed to offset its costs.
Canal+'s Plan
Despite these challenges, Canal+ is betting on a turnaround for the Pay-TV model. Combined, its businesses would serve more than 42 million subscribers across more than 70 countries, generating about €8.7 billion in revenue, placing the enlarged group among the largest pay-TV operators outside the United States.
The turnaround strategy centers on reviving subscriber growth while lowering barriers to entry for new customers. The plan includes a €100 million in targeted investment aimed at expanding distribution networks and improving subscriber acquisition across African markets. Canal+ intends to deploy about 1,000 additional sales representatives to boost marketing and customer outreach across the continent.
Part of the strategy will involve lowering entry costs for new subscribers by subsidizing decoders and simplifying pricing packages, particularly in lower-income markets where upfront hardware costs can deter customers.
MultiChoice is preparing voluntary severance programs and operational adjustments across parts of the business, including its cybersecurity subsidiary Irdeto, as Canal+ looks to streamline operations and improve profitability.
Even with these cost reductions, MultiChoice still posted negative free cash flow of about €42 million due to the heavy investment required to maintain sports broadcasting rights and technology infrastructure.
Despite the strategic overhaul, live sports remain central to the company’s business model. The SuperSport network has key broadcasting rights for football and other major sporting events, a major driver of subscriptions across Africa.
For many households, live sports remain the primary reason to maintain a DStv subscription, giving the company a competitive advantage that streaming rivals have struggled to replicate. Yet the same content has also become a prime target for piracy, with illegal streaming services increasingly offering cheaper access to the sports broadcasts carried by DSTV and Go-TV packages.
