MultiChoice’s DStv is facing its toughest period in more than a decade after losing 2.7 million subscribers between 2023 and the end of 2025, driven by cheaper streaming alternatives, declining incomes, and tightening economic policies across Africa.
From a peak of 17.2 million subscribers in 2023, the pay-TV operator’s customer base dropped to 14.5 million by the end of 2025, with indications that the decline may continue. As of June 2024, the company had lost 1.4 million subscribers, meaning the losses nearly doubled within 18 months.
Despite the acquisition of MultiChoice by French media giant Canal+, DStv continues to grapple with serious challenges. Across Africa, shrinking household incomes and policy inconsistencies have forced consumers to prioritise essentials over pay-TV subscriptions.
Subscribers are increasingly switching to cheaper alternatives such as IPTV, SLTV, Android TV boxes, eVOD, and other streaming platforms that offer similar content at significantly lower costs. Frequent DStv price increases have further accelerated the shift away from the platform.
Confirming the financial strain, MultiChoice Nigeria’s subscription revenue fell by 44 percent to $197.74 million in the financial year ended March 2025, down from $355.93 million recorded the previous year. The company attributed the decline to rising inflation and worsening economic conditions that triggered a mass exit of subscribers.
“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 $779.66 million,” said MultiChoice Group CEO, Calvo Mawela.
Overall, total subscription revenue, including South Africa, declined by 11 percent year-on-year to $2.27 billion, while group revenue dropped nine percent to $2.87 billion. Operating profit also fell sharply by 34 percent to $263.5 million, with trading profit declining by nearly half to $228.14 million.
Economic hardship across the continent remains a major factor. In Nigeria, despite reforms aimed at transitioning to a market-driven economy, poverty remains widespread, with about 133 million people living in multidimensional poverty. Analysts say the erosion of the middle class has significantly reduced the customer base for premium services like DStv.
In South Africa, although power shortages have eased and reforms are addressing logistics bottlenecks, millions remain trapped in poverty, limiting consumer spending.
Commenting on Africa’s broader economic outlook, the World Bank stated in October 2025 that, “The pace of growth remains insufficient to meaningfully reduce extreme poverty or create the quantity and quality of jobs needed to meet the demands of a rapidly growing labor force.”
Meanwhile, DStv narrowly avoided losing several major channels after Canal+ reached a last-minute deal on December 31, 2025, to retain 12 Warner Bros Discovery channels, including CNN, Discovery Channel, Cartoon Network, TLC, Food Network, HGTV, and Travel Channel.
Industry analysts warn that ongoing global media consolidation could further affect MultiChoice’s content offerings, potentially intensifying subscriber losses if key channels are removed.
While MultiChoice insists it is investing in long-term growth and cost management, the company’s struggle reflects a wider shift in Africa’s entertainment landscape, where affordability is increasingly outweighing brand loyalty.
