Following the completion of its acquisition of MultiChoice in 2025, French media giant Canal+ has released its first full-year financial report outlining how it plans to reshape the continent’s biggest satellite television business.
For millions of viewers across Africa — particularly subscribers of DStv — the report offers a glimpse into the changes that may define the future of pay-TV and streaming on the continent. While the document itself is written primarily for investors and industry analysts, several key decisions stand out: the end of an ambitious African streaming experiment, plans to make DStv cheaper to join, a restructuring of the company’s leadership across the continent, and a renewed push into African storytelling with global reach.
Together, they reveal a company preparing to aggressively compete for Africa’s rapidly expanding entertainment market.
The End of the Showmax Experiment
One of the clearest signals in the report is the formal discontinuation of Showmax, the streaming platform originally launched by MultiChoice as Africa’s answer to Netflix.
For years, Showmax represented MultiChoice’s attempt to transition into the streaming era while maintaining control over its own platform. The company invested heavily in the service, including a major relaunch initiative often referred to as “Showmax 2.0.” But despite those efforts, the platform struggled to scale profitably.
In its financial presentation, Canal+ listed the shutdown of Showmax as part of a broader cost-cutting program aimed at stabilising MultiChoice’s finances. The company noted that the platform had become a significant contributor to declining profitability due to high operational costs and difficulties competing with global streaming giants.
Rather than continuing to build a direct competitor, Canal+ is taking a different approach: partnership. The company already distributes Netflix in about 20 African markets and plans to expand bundled offerings that combine traditional television subscriptions with streaming access.
The idea mirrors a model Canal+ has used successfully in Europe — where a single subscription can provide access to multiple entertainment services under one package rather than separate apps and billing systems.
For subscribers, that could mean streaming services eventually becoming integrated into DStv packages rather than operating as standalone platforms.
High Entry Costs Under Scrutiny
Another notable admission in the report concerns the cost of joining the DStv ecosystem.
According to Canal+, setting up a DStv decoder and satellite dish in many MultiChoice markets currently costs around €38 — roughly ₦62,000 at recent exchange rates. In comparison, similar entry setups in Canal+’s French-speaking African markets cost closer to €13.
The company identified this gap as a structural problem rather than a competitive advantage. High installation costs have discouraged potential subscribers in English- and Portuguese-speaking regions, limiting growth in some of the continent’s largest markets.
To address this, Canal+ plans to:
- Subsidise the price of decoders and installation
- Standardise hardware across African markets
- Expand its sales network with roughly 1,000 additional field agents focused on subscriber acquisition
While specific pricing adjustments have not yet been announced for individual countries, the strategy signals a clear intent to lower the barrier to entry for new customers.
For markets like Nigeria — where economic pressures have already pushed many households to reconsider subscription television — the change could become a significant factor in whether new viewers join the platform.
Nigeria Gets Dedicated Leadership
The restructuring of Canal+’s African operations also highlights the importance of Nigeria in the company’s long-term plans.
Under the new organisational structure, Nigeria will operate as a standalone market rather than being grouped within the broader English-speaking Africa category. The country’s operations will be led by Kemi Omotosho, who will oversee the company’s strategy locally.
At the continental level, the combined Canal+ and MultiChoice operations are headed by David Mignot, who now serves as CEO for Africa.
The decision to give Nigeria its own leadership slot reflects the scale and complexity of the market. With one of the largest populations and entertainment industries on the continent, Nigeria remains a critical battleground for subscriber growth.
Canal+’s strategy documents describe English-speaking Africa — including Nigeria, South Africa, Kenya and Ghana — as the region where subscriber recovery is most urgent after several years of decline.
A Bigger Push Into African Storytelling
Beyond distribution and pricing, the report also highlights an expanding investment in African film and television projects.
One of the most notable announcements is the development of an adaptation of Americanah by Chimamanda Ngozi Adichie. The acclaimed novel follows a Nigerian woman navigating race, migration and identity between Nigeria and the United States.
The project will be produced through StudioCanal, Canal+’s film and television production arm, which maintains a catalogue of nearly 10,000 titles and has accumulated dozens of major international awards.
“Americanah” is only one of several Africa-focused productions currently in development. Other projects include titles such as Graceland and The Heist of Benin, part of a broader effort to develop stories rooted in African cultures but designed for global audiences.
The combined Canal+/MultiChoice network already produces more than 10,000 hours of African content each year across more than 50 languages, broadcast through over 100 local channels across the continent.
For Nigeria’s creative industry, the growing investment could present both opportunity and competition — offering global distribution for local stories while also raising the stakes for content quality and production scale.
Africa as Canal+’s Long-Term Growth Engine
Underlying all of these changes is a broader strategic bet on Africa’s future.
In its presentation to investors, Canal+ repeatedly emphasised the continent’s demographic and economic trajectory. Africa’s population currently stands at about 1.2 billion people and is projected to grow by another 800 million by 2050. Economic growth across the continent is forecast at roughly 4.5% annually over the next five years.
Despite that growth potential, television and streaming markets remain relatively underdeveloped. Pay-TV penetration across Africa sits at roughly 32%, while over-the-top streaming services account for only about 4% of households.
This gap is precisely what Canal+ hopes to capture.
MultiChoice reportedly lost around 1.6 million subscribers per year between 2023 and 2025 due to economic pressures, electricity shortages in South Africa, and the financial strain of its streaming strategy. Canal+ believes it can reverse that decline by applying the same formula that helped it expand rapidly across French-speaking Africa: lower entry prices, strong local content, and extensive distribution networks on the ground.
The company has already set ambitious financial targets, aiming for more than €850 million in adjusted operating profit and over €500 million in free cash flow in the medium term — with Africa positioned as the primary driver of that growth.
A More Competitive Entertainment Market Ahead
For viewers across the continent, the shift could mark the beginning of a more competitive era in television and streaming.
Global streaming giants, regional broadcasters, and telecom companies are all racing to capture the same audience — one that is young, increasingly connected, and eager for both local stories and international entertainment.
With Canal+ now fully controlling MultiChoice, the battle for Africa’s screens is entering a new phase. And for subscribers in Nigeria and across the continent, the next few years may bring significant changes in how television is priced, packaged and produced.