MultiChoice FY25 Revenue Falls 9% to USD 2.87 billion as Subscribers Drop by 1.2 Million

For the year ended 31 March 2025, the MultiChoice Group, a leading pay-TV operator in sub-Saharan Africa, reported a 9% year-on-year (YoY) decline in group revenue, falling by ZAR 5.2 billion (USD 293.36 million) from ZAR 56 billion (USD 3 billion) in FY 2024 to ZAR 50.8 billion (USD 2.87 billion). 

The drop was primarily driven by an 11% decrease in subscription revenues (-1% organically), attributed to foreign exchange volatility, subscriber losses, and the deconsolidation of its insurance business, NMSIS, from December 2024. These declines were partially offset by inflationary pricing adjustments and growth in new digital products, including DStv Internet, DStv Stream, and Extra Stream.  

Subscriber and Financial Performance  

The past two financial years have been marked by significant macroeconomic pressures across sub-Saharan Africa, impacting consumers and businesses. MultiChoice’s active linear subscriber base fell by 1.2 million (8% YoY) to 14.5 million, with losses evenly split between South Africa (0.6 million) and the Rest of Africa (0.6 million).  

However, Showmax, the Group’s streaming platform, saw 44% YoY growth in active paying subscribers, gaining market share in a competitive sector. Despite this growth, trading profit declined by 49% YoY to ZAR 4.0 billion (USD 225.66 million), weighed down by:  

• ZAR 2.3 billion (USD 129.75 million) in organic trading losses from Showmax (due to peak investment phase)  
• ZAR 5.2 billion (USD 293.36 million) in foreign exchange revenue losses  – These were partially offset by ZAR 3.7 billion (USD 208.74 million) in cost savings, exceeding management’s initial target of ZAR 2.0 billion (USD 112.83 million).  

Financial Adjustments and Structural Challenges  

Net interest costs decreased slightly to ZAR 1.3 billion [USD 73.34 million]  (FY24: ZAR 1.4 billion/USD 78.98 million), while equity-accounted losses reduced by 16% YoY to ZAR 0.5 billion (USD 28.21 million). The latter included:  

• Four months of profits from NMSIS before its deconsolidation  
• Reduced losses from KingMakers (sports betting)  
• Increased losses from Moment (expanding operations)  

Furthermore, the group faced structural industry challenges, including piracy, competition from global streaming services, and shifting consumer preferences toward social media. Over the past two years, MultiChoice lost 2.8 million linear subscribers and absorbed a ZAR 10.2 billion (USD 575.43 million) revenue hit due to local currency depreciation against the US dollar.  

Cost Management and Equity Recovery  

MultiChoice implemented efficiency measures to preserve cash flow without significantly compromising its customer value proposition. The ZAR 3.7 billion (USD 208.73 million) in cost savings (nearly double FY24’s ZAR 1.9 billion/USD 107.19 million) helped stabilise finances. Additionally, the group returned to a favourable equity position, aided by currency stabilisation and accounting gain from selling 60% of NMSIS to Sanlam.  

Business Segment Highlights

MultiChoice Group’s General Entertainment segment significantly expanded its content library, growing by 8% to 91,470 hours of programming, while continuing to cater to diverse audiences with content produced in over 45 African languages.  

SuperSport delivered 47,839 hours of live sports coverage in Sports Broadcasting, marking a 7% year-on-year increase, and produced 1,029 live events. The network showcased major global sporting events, including the ICC Cricket World Cup (men’s and women’s tournaments), the Paris 2024 Summer Olympics, and the UEFA Euro 2024. It also broadcast 13 Springbok Test matches, reinforcing its dominance in rugby coverage.  

Viewership for the United Rugby Championship surged by 23%, while the Currie Cup saw a 29% increase, reflecting strong regional interest. Dricus du Plessis’ UFC title fight against Sean Strickland set a new MMA viewership record on SuperSport, highlighting the platform’s appeal across combat sports. Football remained a key driver, with LaLiga’s move to lower-tier packages broadening accessibility and the Soweto Derby in February 2025 becoming the most-watched derby ever.  

On the technology front, Irdeto achieved 5% year-on-year revenue growth (8% organically), with strong performance across all three segments: Video Entertainment, Gaming, and Connected Transport, demonstrating its expanding market reach and innovation in digital security solutions.

Canal+ Acquisition Update  

On 21 May 2025, the South African Competition Commission recommended approval of Canal+’s mandatory offer to acquire MultiChoice shares not already owned by the French media giant. The deal, first announced on 4 June 2024, is now pending final approval from the Competition Tribunal, with the long-stop date extended to 8 October 2025.  

A combined MultiChoice-Canal+ entity aims to create a global video entertainment leader, leveraging:  

• Diversified geographic presence  
• Enhanced scale to compete with global streaming giants  
• Stronger local content production and distribution

MultiChoice continues to navigate macroeconomic volatility and digital disruption, balancing linear TV declines with streaming growth. The potential Canal+ merger could reshape Africa’s media landscape, providing the resources needed to compete in an increasingly digital and globalised entertainment market.

Click here to access the full consolidated financial statements for the year ended 31 March 2025.