African Pay-TV operator, Multichoice Group, on Wednesday released its audited results for the year-ended March 31, 2025, revealing that its Nigerian operation lost 1.4 million in the last two years.
While Multichoice Nigeria had increased its DStv and GOtv subscription prices three times within the two years, the Group blamed several factors, including high inflation, power grid collapse, and fuel scarcity, for the subscriber loss in the country.
It further revealed that Nigeria accounted for 77% of the subscriber loss recorded across its Rest of Africa (RoA) operations between 2023 and 2025.
According to the figures released by the Group, the RoA lost a total of 1.8 million subscribers in the two years, bringing the total subscribers down to 7.5 million in 2025 from 9.3 million recorded in 2023.
Subscriber loss slows in 2025
A comparative analysis of the company’s figures shows that the subscriber loss, which hit its crescendo in the 2024 financial year, slowed down a bit in the 2025 financial year.
In 2024, Multichoice RoA’s subscriber base slumped to 8.1 million from 9.3 million recorded in 2023 as the company lost 1.2 million customers, representing 13% decline. However, figures for the 2025 financial year show a 7% decline from 8.1 million to 7.5 million subscribers.
Explaining the causes of the subscriber loss, Multichoice in its earnings report stated:
“Inflation across key markets remained high (around 20% on a weighted average basis, above 30% in Nigeria and Angola) and caused pressure on customer spending.
“Subscriber activity was further affected by power shortages across Zambia, Zimbabwe and Malawi, ongoing power and fuel shortages in Nigeria, and civil unrest in Mozambique.
“As a result of the above trading conditions, active subscribers declined 7% YoY, with Nigeria accounting for over half of this decline.”
Group’s performance
The Group in its executive summary noted that the past two financial years have been a period of significant financial disruption for economies, corporates and consumers across sub-Saharan Africa due to challenging macro-economic factors.
- It said these situations, combined with the impact of structural industry changes in video entertainment such as the rise of piracy, streaming services and social media, “materially affected the overall performance of the MultiChoice Group.”
- For the 2025 financial year, the Group’s revenue declined by ZAR5.2 billion or 9% YoY to ZAR50.8 billion, mainly due to an 11% decline in subscription revenues caused by foreign currency and subscriber volume headwind.
- Its trading profit declined by ZAR3.8 billion or 49% YoY to ZAR4.0 billion.
- Multichoice noted that this was materially affected by the ZAR2.3 billion organic increase in trading losses in Showmax and the ZAR5.2 billion in foreign currency revenue losses.
What you should know
- Amid the rising inflation, Multichoice Nigeria had increased its DStv and GOtv bouquet prices twice in 2023 and once in 2024, making it three times within the space of 12 months.
- The first was in April 2023, then another in November of the same year. The third increment was announced in April 2024 and took effect on May 1.
- With the consistent decline in its customer base, it is unclear yet if Multichoice will be announcing another price increment as it has consistently done over the past years.
