Multichoice has not been a responsible corporate in Nigeria with its operations fraught with opacity on number of subscribers, tax evasion and data abuse bordering on breach of privacy law.
Amid the sting of xenophobia targeted at Nigerians and other African nationals which has chipped away portions of South Africa’s economy, MultiChoice which has its foundation in South Africa is still depending on Nigeria for profitability.
Back home in South, revenue continues to dip as South Africans have migrated to streaming services like Netflix and YouTube. Some cite high cost of DSTV subscriptions. In Nigeria, DSTV has been increasing subscription prices despite complaints from subscribers and requisite government agencies to restrain it.
Political Economist NG recalls that on 28 April 2026, Canal+ which acquired MultiChoice at the end of 2025, provided a trading update for the three months ended 31 March 2026.
Records showed that MultiChoice’s revenue declined from 657 million euros (R12.7 billion) in Q1 2025 to 617 million euros (R11.9 billion) in Q1 2026.
Canal+’s 2025 Annual Report showed that MultiChoice’s DStv subscriber base declined from 14.9 million to 14.4 million over the last financial year.
“MultiChoice Group revenue decreased, driven by lower non-subscription revenue,” Canal+ said in its trading statement.
“Advertising revenue benefited from the SA20 cricket and AFCON tournaments. Subscription revenue was almost flat on a constant currency basis,” it said.
MultiChoice’s struggle to grow revenue is not new. The company has struggled to retain DStv customers and create new revenue streams. In Nigeria where it is the dominant player, subscription prices continues to rise.
It explained that the broader satellite Pay-TV market is declining, driven by a shift toward streaming services offering lower-cost plans.
Additionally, economic constraints and the expansion of broadband in Africa have accelerated piracy, which negatively impacts subscriber numbers.
Multichoice has not been a responsible corporate in Nigeria with its operations fraught with opacity on number of subscribers, tax evasion and data abuse bordering on breach of privacy law.
The Nigeria Data Protection Commission (NDPC) and the Federal Competition and Consumer Protection Commission (FCCPC) have had issues with Multichoice for not coming clear on matters of data privacy and consumer consideration.
In February 2024, MultiChoice Group said its subsidiaries have reached a settlement with Nigerian tax authorities and agreed to pay a total tax amount of about $37.3 million.
Nigeria’s Federal Inland Revenue Service (FIRS), now Nigeria Revenue Service, NRS, froze MultiChoice Nigeria’s accounts in 2022 and served MultiChoice Group with a 1.8 trillion naira ($1.27 billion) tax claim for its Nigeria operation and a $342 million claim for value-added taxes.
The group said in a statement the total tax amount of 35.4 billion naira to be paid by MultiChoice Nigeria and MultiChoice Africa Holdings will be offset against the security deposits and good faith payments made to date.
Rapid decline in DStv subscribers in South Africa
Although Canal+ has not provided data on South African customers, MultiChoice’s previous reports showed a rapid decline in local DStv subscribers.
MultiChoice’s integrated annual report for the year that ended 31 March 2025 shed light on the extent of the DStv exodus in South Africa.
The number of DStv subscribers in South Africa declined by 589,000 in the 2025 financial year, representing an overall base decline of 8%.
What was striking was that all segments of the DStv subscriber base declined, indicating an accelerating trend.
The DStv Premium base, which included Compact Plus, declined by 96,000 subscribers. This represents a year-on-year decline of 9%.
“We continue to see a decline in this base driven by customer affordability and competition from third-party streaming services,” MultiChoice said.
MultiChoice’s middle-market subscribers declined by 99,000, representing a year-on-year reduction of 5%.
It explained that the DStv Compact base is most exposed to mid-market consumer affordability challenges, including high levels of indebtedness.
The mass-market tier was down by 394,000, a year-on-year decline of 9%. This is the second year it has experienced a decline.
MultiChoice said Access customers were affected by load shedding and negative macroeconomic pressures, such as inflation and high unemployment.
What was even more striking was that the number of DStv subscribers declined from 8.18 million in 2021 to 7.02 million in 2025.
MultiChoice reported subscriber declines each year from 2021 to 2025, and it was likely that this trend continued into 2026.
The hard task of turning MultiChoice around
In its 2025 annual report, former MultiChoice CEO Calvo Mawela put on a brave face, saying the organisation had shown perseverance and endured turbulent times.
“We have made critical strides in optimising our operation and rethinking some elements of our strategy,” he said.
Mawela added that this ensured that they laid the groundwork for a sustainable and prosperous future for MultiChoice.
However, based on Canal+’s latest reports, this strategy has been binned, and a new one has been implemented to turn MultiChoice around.
“The first initiatives of the MultiChoice turnaround plan have been launched, including strengthening the commercial engine and recruiting new sales teams,” it said.
Canal+ CEO Maxime Saada said that the integration of MultiChoice Group is progressing well, with the top management team appointed and in place.
“The boost plan has been launched, commercial operations are being strengthened, and recruiting new sales personnel to expand distribution has begun,” he said.
To stem the decline in DStv subscribers, MultiChoice has suspended the historic commercial policy of annual price increases in South Africa.
The level of subsidies offered to new customers has been increased. This is a proactive strategy to attract new DStv subscribers.
Canal+ also discontinued Showmax on 30 April 2026. This is significant, as the previous MultiChoice management said Showmax was core to its future growth.
The new owner made Showmax’s content available on DStv’s streaming platform and migrated Showmax subscribers to DStv Stream.
As a last measure to bolster the finances, Canal+ is implementing a MultiChoice Group Voluntary Severance Plan. This is aimed at reducing the MultiChoice headcount.
Additional reports by Mybroadbank.co.za
