MultiChoice Nigeria, the leading Pay-TV operator in the country, has lost a staggering 1.4 million subscribers over the past two years, largely due to recurring price hikes and worsening economic conditions.
The data was revealed in the MultiChoice Group’s audited financial results for the year ending March 31, 2025, released on Wednesday. According to the report, Nigeria accounted for 77% of the total subscriber losses across the Group’s Rest of Africa (RoA) operations between 2023 and 2025.
Key Takeaways:
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Total RoA subscriber base dropped from 9.3 million in 2023 to 7.5 million in 2025 — a loss of 1.8 million subscribers.
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Nigeria alone contributed 1.4 million to that figure.
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The company implemented three price hikes within two years — in April 2023, November 2023, and May 2024 — affecting both DStv and GOtv users.
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Economic pressure, high inflation (over 30% in Nigeria), power grid collapse, and fuel shortages were blamed for reduced customer activity.
Subscriber Loss Slowing in 2025
While 2024 saw a sharp drop of 1.2 million subscribers (13%) across RoA, the pace slowed in 2025 with a 7% year-on-year drop, falling from 8.1 million to 7.5 million. However, the figures remain alarming, especially in Nigeria, MultiChoice’s largest African market outside South Africa.
In its earnings report, the company noted:
“Inflation across key markets remained high (around 20% on a weighted average basis, above 30% in Nigeria and Angola) and caused pressure on customer spending.
Subscriber activity was further affected by power shortages across Zambia, Zimbabwe and Malawi, ongoing power and fuel shortages in Nigeria, and civil unrest in Mozambique.”
Group-Wide Financial Struggles
MultiChoice Group admitted that the last two years have been tough due to macroeconomic headwinds, piracy, the rise of streaming platforms, and shifting consumer behavior. These factors have significantly impacted its bottom line.
For the 2025 financial year:
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Revenue dropped by ZAR5.2 billion (9%) to ZAR50.8 billion.
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Subscription revenue fell by 11%, driven by declining subscriber numbers and currency devaluation.
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Trading profit plummeted by ZAR3.8 billion (49%), settling at ZAR4.0 billion.
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Losses were compounded by ZAR2.3 billion in Showmax trading losses and ZAR5.2 billion in foreign exchange revenue losses.
What Lies Ahead?
With Nigeria’s inflationary pressure showing no sign of easing, and with MultiChoice’s subscriber base shrinking, the company’s next move remains unclear. Whether another round of price hikes is on the horizon is yet to be confirmed. However, consumer sentiment suggests the tipping point may already have been reached.
As alternative entertainment options like Netflix, YouTube, and local streaming services gain ground, MultiChoice faces increasing pressure to revise its pricing and content strategies or risk further erosion of its customer base in Africa’s largest economy.
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