In the fiscal year that concluded in March 2025, MultiChoice Nigeria’s subscription revenue dropped 44 percent to $197.74 million from $355.93 million in the same period the previous year due to an exodus of subscribers brought on by worsening economic conditions and rising inflation.
According to the company’s most recent financial report, “sizeable customer losses in Nigeria as high inflation adds more pressure on consumers” were the primary cause of the steep decline in revenue. The National Bureau of Statistics reports that in April 2025, the rate of inflation was 23.71 per cent.
MultiChoice Nigeria losses 1.4 million customers
The pay-TV company in Nigeria has lost 1.4 million subscribers since its fiscal year ended in March 2023.
MultiChoice lost 1.8 million subscribers in its Rest of Africa segment, which includes markets like Kenya, Zambia, and Angola, with 77 percent of those subscribers coming from Nigeria.
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Between April and September 2024, the company lost 243,000 subscribers in Nigeria as a result of worsening macroeconomic and consumer conditions.
7.5 million of MultiChoice’s 14.5 million subscribers were in RoA at the end of its fiscal year 2025.
The group ascribed a portion of the overall performance drop to foreign exchange losses brought on by the naira’s 44 percent depreciation versus the US dollar.
According to MultiChoice, it lost $158.19 million in foreign exchange and was only able to send $133 million from Nigeria at an average exchange rate of N1,589 per dollar, as opposed to $184 million at N1,044 per dollar the year before.
“Nigeria’s economic challenges had a significant impact on our Rest of Africa operations, contributing to a 23 percent drop in RoA subscription revenue to $779.66m,” said Chief Executive Officer, MultiChoice Group, Calvo Mawela.
MultiChoice total subscription revenue drops by 11% to $2.27 billion
The total subscription revenue, which includes South Africa, fell 11 percent year over year to $2.27 billion. Group revenue as a whole dropped 9 percent to $2.87 billion, while operating profit dropped 34 percent to $263.50 million. Trading profits dropped by nearly half to $228.14 million.
“Our performance reflects both the challenges we’ve faced and the resilience of our teams,” said Mawela. “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.”
Significant growth in streaming and digital businesses
Despite having 2.8 million fewer linear subscribers over the course of two fiscal years, MultiChoice reported significant growth in its streaming and digital businesses.
The number of active paying customers at Showmax increased by 44 percent year over year, while DStv Internet revenue increased by 85 percent, KingMakers grew by 76 percent in constant currency, and DStv Stream increased by 48 percent.
“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 said.