MultiChoice Nigeria has reported a dramatic 44 per cent drop in subscription revenue, falling to $197.74 million in the financial year ended March 2025 from $355.93 million recorded the previous year. The sharp decline reflects the severe impact of inflation and deteriorating economic conditions on consumer spending, which has triggered a mass exodus of subscribers.

The company, in its latest financial report, attributed the steep revenue fall to “sizeable customer losses in Nigeria as high inflation adds more pressure on consumers.” Nigeria’s inflation rate reached 23.71 per cent in April 2025, according to the National Bureau of Statistics.

MultiChoice revealed it lost 1.4 million subscribers in Nigeria alone over the past year. The country accounted for 77 per cent of the 1.8 million subscribers lost across the company’s Rest of Africa (RoA) segment, which also includes markets like Kenya, Zambia, and Angola.

Between April and September 2024, 243,000 Nigerian subscribers discontinued their service as economic hardship deepened.

At the end of its 2025 fiscal year, MultiChoice recorded 14.5 million total subscribers, including 7.5 million in the RoA region. The group also reported a 44 per cent depreciation of the naira against the US dollar, which further compounded losses. The company suffered $158.19 million in foreign exchange losses and managed to remit only $133 million from Nigeria at an average exchange rate of ₦1,589 per dollar, compared to $184 million at ₦1,044 per dollar in the previous year.

“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 $779.66 million,”
— Calvo Mawela, CEO, MultiChoice Group

Overall, the group’s total subscription revenue, including operations in South Africa, dropped by 11 per cent to $2.27 billion, while group revenue fell by nine per cent to $2.87 billion. Operating profit plunged 34 per cent to $263.50 million, and trading profit nearly halved to $228.14 million.

Despite the tough environment and declining linear TV subscriptions—down 2.8 million over two years—MultiChoice reported growth in its digital and streaming segments:

• DStv Internet revenue rose 85%
• KingMakers gaming platform grew 76% (constant currency)
• DStv Stream increased 48%
• Showmax saw a 44% increase in active paying customers

“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,”
— Calvo Mawela, CEO, MultiChoice Group

Mawela added that the group’s evolving strategy now accounts for changing consumer preferences driven by technology, increased piracy, the rise of global streaming platforms, and the influence of social media.

As MultiChoice navigates economic uncertainty in its key African markets, the company is banking on the growth of its digital platforms and cost discipline to stabilise operations and attract a new generation of viewers.