MultiChoice Group has reported its financial results for the year ending 31 March 2025, revealing a loss of 1.2 million subscribers, with half of these losses coming from South Africa, an 8% decline compared to the previous year.
The group now has 14.5 million active subscribers, with customer losses evenly split between South Africa and the rest of Africa. MultiChoice noted that “the negative trend was evident across all three market segments.” In South Africa, particularly MultiChoice attributed this decline to “the ongoing cost-of-living crisis which has meant that households are struggling to make ends meet and many had no choice but to give up their DStv subscription for the time being.”
Despite these challenges, MultiChoice saw strong growth in its streaming services. DStv Stream subscribers increased by 38%, with revenues rising 48%. Extra Stream users grew by 25%, and revenues for this add-on service nearly tripled in its first full year. The company also expanded its DStv Internet service, leading to a 45% increase in subscribers and an 85% jump in revenue.
While MultiChoice raised prices by an average of 5.7% to counter inflation, subscription revenues still declined by 3% year-on-year. However, decoder sales rose by 17%, driven by price adjustments to manage subsidy costs. Overall, South African segment revenues fell by 1% on an organic basis.
MultiChoice reported a 44% year-on-year increase in active paying Showmax subscribers given the price adjustments in March 2025, which MultiChoice justified as necessary due to rising operational costs, including inflation, higher content licensing fees (especially for sports), and technology upgrades. Amid these shifts, MultiChoice is in the process of selling its business to Groupe Canal+, with the French broadcaster offering R125 per share to acquire the company.
Despite subscriber losses, MultiChoice returned to profitability, reporting a net profit of R1.8 billion (over $100 million) for the year. This turnaround was largely due to cost-saving measures and the sale of its insurance business to Sanlam, which contributed significantly to its financial recovery.
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