MultiChoice Group reported a R800 million annual loss as it shed 8% of its pay-TV subscribers in the 2025 financial year, with currency fluctuations and streaming competition eroding profits.
The Johannesburg-based company now serves 14.5 million customers across Africa, equally split between South Africa and other markets, according to its latest financial statements.
The pay-TV operator faced multiple challenges including R10.2 billion in foreign exchange losses from weakening African currencies and R2.3 billion in losses from its Showmax streaming platform. While Showmax grew subscribers by 44%, this failed to offset the decline in traditional satellite TV customers. “The past two financial years have brought unprecedented headwinds,” the company stated, citing piracy, digital disruption, and macroeconomic pressures across sub-Saharan Africa.
MultiChoice achieved R3.7 billion in cost savings and stabilized its balance sheet through asset sales, including the disposal of its insurance unit. The potential acquisition by France’s Canal+ at R125 per share offers a potential lifeline as the company transitions to digital. Analysts note the deal’s success may depend on MultiChoice’s ability to adapt to Africa’s rapidly changing media landscape, where global streaming services and economic pressures continue to reshape viewer habits.
