News Highlights
- Canal+ has announced a €100 million “boost plan” starting in 2026 to revive growth at MultiChoice after subscriber numbers and revenue declined.
- MultiChoice ended 2025 with 14.4 million subscribers, down from 14.9 million the previous year, while revenue fell 6% to €2.4 billion.
French media group Canal+ has launched an ambitious €100 million turnaround strategy aimed at restoring growth at African pay-TV giant MultiChoice, the operator behind the DStv platform, after the company lost hundreds of thousands of subscribers and recorded declining revenues.
The recovery push follows Canal+’s takeover of the South Africa-based broadcaster, which runs the continent’s largest pay-television service.
MultiChoice has been grappling with mounting pressure as economic hardship across Africa squeezes household budgets while global streaming platforms intensify competition with traditional television services.
According to Canal+’s latest financial results, MultiChoice closed 2025 with 14.4 million subscribers, down from 14.9 million a year earlier. Revenue dropped 6 per cent to €2.4 billion, while adjusted earnings before interest and tax declined 14 per cent to €159 million.
Canal+ acknowledged the extent of the challenge, stating that 2025 had been “another challenging year” for MultiChoice, largely due to falling subscriber numbers and a cost structure that had “become too high.”
The company attributed the downturn partly to broader economic conditions. Currency depreciation in key markets such as Nigeria, combined with persistent electricity shortages in parts of Africa, has made it increasingly difficult for households to maintain pay-TV subscriptions.
The group also pointed to difficulties surrounding Showmax, MultiChoice’s streaming platform, describing one of its key contracts as an “expensive failure.” Canal+ recently opted to shut down that arrangement as part of efforts to cut losses and refocus on the company’s core pay-TV operations.
To reverse the decline, Canal+ plans to introduce a €100 million “boost plan” beginning in 2026, designed to reignite subscriber growth and improve profitability across MultiChoice’s markets.
A central pillar of the strategy is content expansion. Canal+ said it intends to assemble what it describes as the “best content on the African continent,” combining international programming with more locally produced films, series and sports coverage tailored to African audiences.
The company also plans to simplify subscription packages and adjust pricing to make them easier for customers to understand. In addition, it will expand distribution and lower the entry barrier for new subscribers by subsidising equipment such as decoders and satellite dishes.
As part of the initiative, Canal+ intends to recruit more than 1,000 sales staff across African markets, shifting MultiChoice toward what it called a “sales-focused model” aimed at driving subscriber acquisition.
Alongside the investment plan, the French media group is also implementing a sweeping cost-reduction programme. This includes a voluntary severance plan for some support staff within MultiChoice and a restructuring of Irdeto, the group’s technology and cybersecurity subsidiary.
The company now expects these measures to generate more than €250 million in synergies by 2026, significantly higher than its earlier projection of €150 million. Savings are expected to come from steps such as the Showmax shutdown, operational restructuring within MultiChoice and the rationalisation of company-owned properties.
The cost of achieving those savings is estimated to range between €70 million and €100 million.
Despite the turnaround effort, Canal+ said it anticipates that MultiChoice’s subscriber base will still decline slightly in 2026, though the pace of the drop should slow. Adjusted earnings before interest and tax are projected to rise modestly to around €170 million, as cost savings begin to offset lower revenue and rising expenses.
Canal+ gained effective control of MultiChoice on 20 September 2025 after acquiring a majority stake. The company subsequently bought out the remaining shareholders, and MultiChoice shares were delisted from the Johannesburg Stock Exchange in December 2025.
The French media group has said it intends to complete a secondary listing on the JSE before June 2026, a move designed to strengthen its footprint in Africa’s rapidly expanding media and entertainment sector.
The turnaround plan highlights the growing pressures facing traditional pay-TV operators across the continent, where weaker currencies, rising living costs and the rapid expansion of streaming platforms are forcing broadcasters to rethink their business models.
