African pay-TV giant, Multichoice Group, has reported a steep drop in subscriber numbers across its Rest of Africa (RoA) segment, with Nigeria alone accounting for a staggering 1.4 million in losses between 2023 and 2025. The revelation was part of the company’s audited financial results for the fiscal year ending March 31, 2025.
According to the report, Nigeria was responsible for 77% of the total 1.8 million subscriber loss suffered across Multichoice’s RoA operations during the two-year period. The total subscriber base in these markets fell from 9.3 million in 2023 to 7.5 million in 2025.
Challenging Economic Climate and Infrastructure Gaps
The company attributed its Nigerian subscriber exodus to a combination of macroeconomic difficulties and structural challenges. These include high inflation rates—which surpassed 30% in Nigeria—frequent power grid failures, fuel shortages, and generally deteriorating consumer purchasing power.
In its earnings statement, Multichoice noted:
“Inflation across key markets remained high (around 20% on a weighted average basis, above 30% in Nigeria and Angola) and caused pressure on customer spending. Subscriber activity was further affected by power shortages across Zambia, Zimbabwe and Malawi, ongoing power and fuel shortages in Nigeria, and civil unrest in Mozambique.”
The company added that Nigeria contributed over half of the 7% year-on-year (YoY) decline in active RoA subscribers recorded in 2025.
Subscription Price Increases May Have Deepened Subscriber Loss
Multichoice Nigeria, which manages both DStv and GOtv brands, has implemented three separate price hikes within the last two years—two in 2023 (April and November) and one more in 2024, which took effect on May 1.
While the company has pointed to rising operational costs and inflation as the basis for these increases, analysts suggest that such adjustments may have accelerated customer attrition, particularly among price-sensitive segments.
Despite this, Multichoice has yet to signal if another price adjustment is imminent, though its historical pattern suggests the possibility remains open.
A Closer Look at the Numbers
- 2023: RoA had 9.3 million subscribers
- 2024: Subscriber base dropped to 8.1 million — a loss of 1.2 million (13%)
- 2025: Fell further to 7.5 million — a 7% drop from the previous year
While the 2025 decline is less severe than the previous year, it still represents a significant erosion in viewership and revenue base, particularly in Nigeria, the Group’s largest RoA market.
Overall Group Performance Hit Hard
The Multichoice Group itself reported a ZAR5.2 billion (9%) drop in revenue, bringing total income down to ZAR50.8 billion for the 2025 financial year. The Group’s trading profit plunged by 49%, sliding from ZAR7.8 billion to ZAR4.0 billion, as it battled a perfect storm of external pressures and internal restructuring.
Among the biggest contributors to this downturn were:
- A ZAR2.3 billion increase in trading losses related to Showmax, its streaming service.
- A ZAR5.2 billion hit from foreign currency exchange losses, largely due to weakening local currencies against the South African Rand.
Multichoice described the environment over the past two years as one of “significant financial disruption,” not only from economic headwinds but also from industry-wide shifts—notably the rise of piracy, streaming platforms, and social media consumption.
Looking Ahead: A Critical Crossroads
As Multichoice continues to grapple with declining numbers and rising costs, the future of its African operations—particularly in Nigeria—may hinge on how it adapts its pricing model and customer engagement strategy.
While the company insists on the necessity of price adjustments due to inflation and exchange rate volatility, the sustained subscriber exodus suggests an urgent need for innovation, cost optimization, or even new value offerings to regain consumer trust and loyalty.
For now, however, one thing is clear: Nigeria, once a jewel in Multichoice’s African portfolio, is fast becoming its most challenging market.