MULTICHOICE Nigeria’s subscription revenue fell to $197.74 million (ZAR3.5 billion) in the full year ending March 2025 from $355.93 million (ZAR6.3 billion) in the corresponding period of 2024.
The decline was driven by a churn in its Nigerian customer base amid high inflation and deteriorating economic conditions. “Sizeable customer losses in Nigeria as high inflation adds more pressure on consumers,” it said. Inflation stood at 23.71 percent in April 2025.
Since its financial year ended March 2023, the pay-TV provider has lost 1.4 million subscribers in Nigeria. The country accounted for 77 percent of the 1.8 million total subscribers lost across the company’s Rest of Africa (RoA) segment, which includes markets like Kenya, Zambia, and Angola.
Between April and September 2024 alone, MultiChoice Nigeria lost 243,000 subscribers due to worsening macroeconomic and consumer conditions.
At the end of this fiscal year, Multichoice had 14.5 million subscribers, with ROA accounting for 7.5 million. Beyond subscriber losses, a 44 percent depreciation of the naira against the dollar led to foreign exchange losses of $158.19 million (ZAR2.8 billion). The company said it was able to remit $133 million from Nigeria at an average rate of N1,589/$, compared to $184 million at N1,044/$ in the prior year.
Nigeria’s struggles dragged down the group’s overall RoA performance, with subscription revenue for the region falling by 23.33 percent to $779.66 million (ZAR13.8 billion) from $1.02 billion (ZAR18 billion) a year earlier. Total subscription revenue, including South Africa, declined 11 percent year-on-year to $2.27 billion (ZAR40.2 billion).
Overall, MultiChoice’s total revenue declined nine percent to $2.87 billion (ZAR50.8 billion), primarily due to an 11 percent drop in subscription revenue and persistent currency headwinds across its markets. Operating profit dropped 34 percent year-on-year to $263.50 million (ZAR4.7 billion), while trading profit fell 49 percent to $228.14 million (ZAR4.1 billion).
“Our performance reflects both the challenges we’ve faced and the resilience of our teams. While macroeconomic pressures and currency volatility have weighed on our results, our disciplined execution, cost management and investment in new long-term growth opportunities position us well for the future,” said Calvo Mawela, MultiChoice Group chief executive officer.
The company revealed that over the past two financial years, it has lost 2.8 million active linear subscribers and absorbed a $576.27 million (ZAR10.2 billion) hit to its topline from currency depreciation.
Despite the headwinds, MultiChoice reported growth in digital and streaming segments. Revenue from DStv Internet rose 85 percent, KingMakers grew 76 percent (in constant currency), and DStv Stream increased by 48 percent. Showmax also recorded a 44 percent year-on-year increase in active paying customers.
“Our strategy is shaped by developments in our industry, such as changes in technology which are driving shifts in consumer behaviour, as well as the impact of a rise in piracy, streaming services, and social media,” Mawela added.
