MultiChoice Nigeria’s subscription revenue declined by 44% to $197.74m in the financial year ended March 2025, down from $355.93m recorded in the same period a year earlier, as rising inflation and a worsening economic climate triggered a mass exit of subscribers, according to a report.
The sharp revenue drop was driven by “sizeable customer losses in Nigeria as high inflation adds more pressure on consumers,” the company said in its latest financial report. Inflation stood at 23.71% in April 2025, according to the National Bureau of Statistics.
The pay-TV provider has lost 1.4 million subscribers in Nigeria since its financial year ended in March 2023.
Nigeria alone accounted for 77% of the 1.8 million subscribers lost across MultiChoice’s Rest of Africa (RoA) segment, which includes markets such as Kenya, Zambia, and Angola.
Between April and September 2024, the company lost 243,000 subscribers in Nigeria, while the company says it was a result of macroeconomic and consumer conditions deterioration, but reports say consumers are dissatisfied by the constant raise in monthly subscription charges in Nigeria.
At the close of its 2025 fiscal year, MultiChoice reported 14.5 million total subscribers, with 7.5 million of them in RoA. The group attributed part of the overall decline in performance to foreign exchange losses resulting from a 44% depreciation of the naira against the US dollar.
MultiChoice said it incurred foreign exchange losses of $158.19m and managed to remit only $133m from Nigeria at an average exchange rate of N1,589 per dollar, compared to $184m at N1,044 per dollar in the previous year.
“Nigeria’s economic challenges had a significant impact on our Rest of Africa operations, contributing to a 23% drop in RoA subscription revenue to $779.66m,” said Chief Executive Officer, MultiChoice Group, Calvo Mawela.
Total subscription revenue, including South Africa, declined by 11% year-on-year to $2.27bn. Overall group revenue fell 9% to $2.87bn, while operating profit declined by 34% to $263.50m. Trading profit dropped by nearly half to $228.14m.
“Our performance reflects both the challenges we’ve faced and the resilience of our teams,” said Mawela. “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.”
In spite of its declining linear subscriber base, down 2.8 million across two financial years, MultiChoice reported notable growth in its digital and streaming businesses.
DStv Internet revenue rose 85%, KingMakers grew by 76% in constant currency, DStv Stream increased 48%, and Showmax saw a 44% year-on-year rise in active paying customers.
“Our strategy is shaped by developments in our industry, such as changes in technology which are driving shifts in consumer behaviour, as well as the impact of a rise in piracy, streaming services, and social media,” Mawela said.
