MultiChoice Group has reported a sharp contraction in its Nigerian subscriber base, with 1.4 million users lost over the past two years, according to the company’s audited results for the financial year ended March 31, 2025.
The decline, attributed to a combination of economic challenges and structural industry shifts, highlights mounting pressure on the African pay-TV leader’s operations in its largest market outside South Africa.
Despite repeated subscription price hikes for DStv and GOtv in Nigeria three increases between April 2023 and May 2024 the company cited soaring inflation, power grid failures, and fuel shortages as key reasons for the exodus of customers.
“Inflation across key markets remained high (around 20% on a weighted average basis, above 30% in Nigeria and Angola), causing pressure on customer spending,” the Group noted in its annual report.
Nigeria Accounts for Bulk of Africa-Wide Losses
Nigeria alone accounted for 77% of the subscriber loss recorded across MultiChoice’s “Rest of Africa” (RoA) operations between 2023 and 2025. During this period, the RoA customer base fell from 9.3 million in 2023 to 7.5 million in 2025, a net loss of 1.8 million subscribers.
A deeper look at the numbers shows the pace of decline is slowing. In FY 2024, the platform lost 1.2 million users, a 13% drop year-on-year. That figure reduced to 600,000 in FY 2025, representing a 7% decline from the previous year.
In addition to Nigeria’s challenges, other African markets such as Zambia, Zimbabwe, and Malawi suffered from energy shortfalls, while Mozambique experienced civil unrest further dampening subscriber activity.
Group Earnings Take a Hit
MultiChoice Group’s overall performance reflected the strain. Revenue fell by ZAR5.2 billion (9%) to ZAR50.8 billion, dragged down by currency devaluations and shrinking subscriber bases. Subscription revenue dropped by 11%, while trading profit plunged 49% to ZAR4.0 billion.
A key driver of the downturn was Showmax, the Group’s streaming platform, which saw an organic trading loss increase of ZAR2.3 billion as it battles to compete with global streaming giants and local piracy. Additionally, the company took a ZAR5.2 billion hit in foreign currency losses.
“These past two years have been marked by major financial disruption across sub-Saharan Africa, driven by macroeconomic headwinds and rapid change in the video entertainment landscape,” the company said in a summary of its financials.
Uncertain Outlook for Prices and Recovery
Amid mounting operational pressures, MultiChoice Nigeria had raised its subscription prices in April and November 2023, followed by a third hike in May 2024. The price hikes, while aimed at offsetting currency losses and inflationary costs, appear to have fueled customer churn prompting public backlash and even legal scrutiny.
In March 2025, the Federal Competition and Consumer Protection Commission (FCCPC) filed a lawsuit against MultiChoice Nigeria and its CEO, John Ugbe, over alleged violations related to the latest price increase.
With subscribers steadily declining and inflationary pressures persisting, it remains unclear whether the company will resort to yet another round of pricing adjustments in 2025.
