MultiChoice Nigeria, the company behind DStv and GOtv, has taken a big financial hit, with its income from subscriptions dropping by a massive 44% to $197.74 million in the year ending March 2025. This is a significant decrease from the $355.93 million they made the year before. The main reason for this sharp decline is that many Nigerians are cancelling their subscriptions due to high inflation and a tough economy.
The company's latest financial report highlights "sizeable customer losses in Nigeria" as the culprit, explaining that rising inflation (which was 23.71% in April 2025) is putting more pressure on consumers' wallets.
MultiChoice Nigeria has lost a staggering 1.4 million subscribers since March 2023. In fact, Nigeria accounts for 77% of the 1.8 million subscribers MultiChoice lost across all its "Rest of Africa" markets, which include countries like Kenya, Zambia, and Angola. Specifically, between April and September 2024, MultiChoice Nigeria lost 243,000 subscribers as economic conditions worsened.
By the end of March 2025, MultiChoice had a total of 14.5 million subscribers globally, with 7.5 million of those in the "Rest of Africa" region. The company also pointed to major losses from currency exchange rates, as the Nigerian naira weakened by 44% against the US dollar. MultiChoice reported losing $158.19 million due to foreign exchange and was only able to send $133 million out of Nigeria at an average rate of N1,589 per dollar, much less than the $184 million they sent at N1,044 per dollar the previous year.
Calvo Mawela, the CEO of MultiChoice Group, stated that "Nigeria’s economic challenges had a significant impact on our Rest of Africa operations, contributing to a 23 per cent drop in RoA subscription revenue to $779.66m."
Overall, MultiChoice's total subscription income, including South Africa, dropped by 11% to $2.27 billion. The company's total revenue fell by 9% to $2.87 billion, and its operating profit plunged by 34% to $263.50 million. Their trading profit was nearly cut in half, reaching $228.14 million.
Mawela acknowledged the difficulties but also praised his teams' resilience, saying, "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."
Despite losing 2.8 million traditional TV subscribers over the past two years, MultiChoice did see good growth in its digital and streaming services. Revenue from DStv Internet grew by 85%, KingMakers by 76% (when adjusted for currency changes), DStv Stream by 48%, and Showmax saw a 44% increase in paying customers.
Mawela explained that their strategy is adapting to changes in the industry, like new technologies that are changing how people watch TV, as well as the impact of piracy, streaming services, and social media.
