MultiChoice Nigeria has suffered a steep 44% revenue decline, falling to $197.74 million for the financial year ending March 2025—down from $355.93 million the previous year.
The sharp drop is primarily attributed to a mass exodus of subscribers driven by rising inflation and deepening economic hardship. Over the past two years, the company lost 1.4 million subscribers in Nigeria alone, as inflation soared to 23.71% in April 2025, according to the National Bureau of Statistics.
Nigeria accounted for 77% of the 1.8 million subscribers lost across MultiChoice’s “Rest of Africa” (RoA) operations, which also cover Kenya, Zambia, and Angola.
Between April and September 2024, the company shed 243,000 Nigerian subscribers due to deteriorating macroeconomic conditions and multiple price hikes on DStv and GOtv packages.
Foreign exchange volatility further compounded the company’s woes. The naira depreciated by 44% against the U.S. dollar, resulting in FX losses totaling $158.19 million. MultiChoice was able to repatriate only $133 million from Nigeria, at an average rate of ₦1,589 per dollar—down from $184 million at ₦1,044 the previous year.
“Nigeria’s economic challenges had a significant impact on our Rest of Africa operations, contributing to a 23% decline in RoA subscription revenue to $779.66 million,” said Calvo Mawela, CEO of MultiChoice Group.
By the end of the fiscal year, MultiChoice had 14.5 million subscribers across its operations, with 7.5 million in the RoA segment. Group-wide, total subscription revenue fell 11% year-on-year to $2.27 billion, total revenue declined 9% to $2.87 billion, operating profit slumped 34% to $263.50 million, and trading profit nearly halved to $228.14 million.
Despite the setbacks, MultiChoice recorded strong gains in its digital and streaming ventures:
- DStv Internet revenue grew by 85%
- KingMakers (its sports betting platform) expanded by 76% (in constant currency)
- DStv Stream usage increased 48%
- Showmax paying subscribers rose 44% year-on-year
“Our results reflect the dual reality of significant macroeconomic challenges and the strength of our strategic execution,” Mawela said. “With continued investment in digital platforms, disciplined cost control, and a long-term focus on growth, we’re positioning ourselves for the future.”
MultiChoice also acknowledged that shifting consumer preferences—fueled by the rise of streaming platforms, piracy, and social media—are fundamentally reshaping the traditional pay-TV business model.
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