The figures, published in a recent Canal+ investor presentation, underscore a broader downturn across the MultiChoice Group, revealing sustained declines not only in subscriber numbers but also in revenue and trading profit. The slide reflects long-running structural challenges for Africa’s largest pay-TV provider, compounded by shifts in consumer behaviour and intensifying competition from global streaming platforms.
Long Decline Rooted in Premium Market Losses
MultiChoice’s contraction has been particularly visible in South Africa since 2016, the same year Netflix expanded globally. The company began losing high-value DStv Premium customers, a trend initially obscured by growth in lower-tier packages and in markets across the rest of Africa.
When MultiChoice was spun out of Naspers in 2019, it began grouping its Compact Plus and Premium categories under a single “Premium market segment,” masking the depth of the Premium decline for a period. But by 2021, both categories were shrinking.
A subsequent shift to a 90-day active subscriber metric further delayed the appearance of subscriber losses. Under traditional year-end reporting, South African subscriber numbers began falling in 2022. Under the 90-day metric, MultiChoice still showed growth until its 2023 financial year. By 2024 and 2025, however, declines became apparent across both metrics, in both South Africa and the rest of the continent.
Macro Pressures, Streaming Competition and Currency Strain
In its last published financial report before the Canal+ takeover (year ended 31 March 2025), MultiChoice attributed its performance to severe macroeconomic pressures across sub-Saharan Africa. The company cited consumer strain, rising video-entertainment competition from streaming platforms, widespread piracy, and increasing engagement on social media platforms — all of which have eroded traditional pay-TV viewership.
The group also recorded a R10.2-billion hit due to the depreciation of local currencies against the US dollar, severely affecting revenue when converted for reporting.
Despite subscriber losses, MultiChoice implemented annual price increases — 5.7% in South Africa and an average of 31% in the rest of Africa — helping to support a 1% organic revenue increase for FY25. The company also achieved R3.7 billion in cost savings, far exceeding management targets, though organic trading profit still fell 9% year-on-year, in part due to elevated Showmax investment.
Canal+’s Roadmap to Revive Growth
Canal+, which completed its takeover of MultiChoice in 2025, outlined a multi-pronged recovery strategy in its November investor presentation. The French media group said its goal is to return MultiChoice to sustainable growth by investing in new subscribers, resetting the cost base, and strengthening the customer experience.
Key elements of the plan include:
1. Aggressive Subscriber Acquisition
Canal+ says Africa remains an underpenetrated pay-TV market with significant long-term potential. It plans to reinvest heavily in customer acquisition and adopt a “no small market” philosophy, ensuring even smaller African markets receive investment and strategic focus.
2. New Revenue Streams and Synergies
The company aims to grow revenue by sharing content across platforms, pursuing new monetisation opportunities, and leveraging synergies between Canal+ and MultiChoice’s operations.
3. Enhanced Content and Marketing
Canal+ intends to strengthen MultiChoice’s content slate — including entertainment, local productions and sports — while deploying more sophisticated marketing strategies to boost engagement and retention.
4. Cost Base Reset for Long-Term Viability
In contrast to MultiChoice’s previous short-term cost-cutting initiatives, Canal+ plans to implement deeper, structural efficiencies. Early focus areas include content acquisition and technology — two of the group’s largest global cost centres — with the aim of achieving “meaningful cost synergies” across the organisation.
A Pivotal Moment for Africa’s Largest Pay-TV Group
After years of subscriber erosion and shifting industry dynamics, Canal+ now faces the challenge of stabilising and re-energising MultiChoice. Whether Africa’s pay-TV giant can regain momentum in an era of growing streaming dominance remains an open question, but the new owner’s strategy suggests a pivot toward long-term investment, stronger content ecosystems, and continent-wide expansion.