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DStv Revenue Slides Again in South Africa Under Canal+

MultiChoice revenue fell 3% like for like in nine months as South African subscriptions slid, while Canal+ grew 10% in the rest of Africa.

2 min read
The blue DStv logo with white lettering on a white background
Image: DStv logo, via Wikimedia Commons (public domain)

[ The short version ]

  1. 01MultiChoice's revenue fell 3% like for like in the nine months to September, driven by lower subscription revenue in South Africa, its owner Canal+ said.
  2. 02The decline eased to 2% in the third quarter from 3.4% in the first half, partly because of easier sports comparisons.
  3. 03Canal+'s African and Asian business outside MultiChoice grew 10.2%; DStv's new packages launched only in September, and no subscriber numbers were given.

DStv's owner is still waiting for a turnaround in South Africa. MultiChoice's revenue fell 3% on a like-for-like basis in the nine months to September, driven by lower subscription revenue in South Africa, Canal+ said in a trading update on 22 October, as reported by TechCentral and TechCabal.

Higher revenue in most of MultiChoice's other English-speaking markets partly offset the fall. On a reported basis, revenue rose 0.4% to €1.81 billion, helped by what Canal+ called "a material positive currency effect".

10%
Like-for-like revenue growth at Canal+'s Africa and Asia business outside MultiChoiceCanal+ trading update, via TechCabal

Two Africas

The update shows Canal+'s two African businesses moving in opposite directions. In French-speaking Africa, the group said subscriber growth was supported by its content and better distribution, and its fibre business, Canal+ Telecom Africa, grew revenue by double digits. MultiChoice, the English-speaking arm it bought, shrank.

The decline did ease, to 2% in the third quarter from 3.4% in the first half. Canal+ credited that partly to "favourable comparison effects related to the sporting events line-up", not only to its plan.

The fix Canal+ is betting on

  • New, simpler DStv packages launched in South Africa in September: Starter, Select and Sports replaced Access, Family and Compact, with a Movies & Series tier below Premium
  • The new packages will roll out across English- and Portuguese-speaking Africa in the coming months
  • Exclusive rights to all Uefa men's club competitions in more than 40 African countries from 2027 to 2031
  • Rights across Africa to the 2027 Africa Cup of Nations and its qualifiers
  • Showmax, shut down at the end of April, is now reported as a discontinued operation

"We are making good progress with the MultiChoice turnaround plan," said chief executive Maxime Saada. The packages arrived too close to the end of the quarter to show in these numbers, and Canal+ did not publish subscriber numbers or average revenue per user, so there is no way yet to tell whether South Africans are staying.

Canal+ said it remains on track for its 2026 guidance of €735 million in adjusted operating profit and €250 million in synergies.

Sources and notes
  • #DStv
  • #MultiChoice
  • #Canal+
  • #pay-TV
  • #SouthAfrica

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