MultiChoice Nigeria’s revenue has taken a major hit, dropping 44% to $197.74 million in the financial year ending March 2025, down from $355.93 million the previous year.
The sharp decline is attributed to a mass exodus of subscribers, driven by surging inflation and worsening economic conditions.
The company reported losing 1.4 million subscribers in Nigeria over the past two years, as inflation reached 23.71% in April 2025, according to the National Bureau of Statistics.
Nigeria accounted for 77% of the 1.8 million subscribers lost across MultiChoice’s Rest of Africa (RoA) segment, which also includes Kenya, Zambia, and Angola.
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Between April and September 2024 alone, the company shed 243,000 Nigerian subscribers due to deteriorating macroeconomic conditions.
At the end of its 2025 fiscal year, MultiChoice had 14.5 million subscribers across its footprint, with 7.5 million in the RoA segment.
Foreign exchange volatility also weighed heavily on the company’s performance.
The naira depreciated 44% against the US dollar, contributing to FX losses of $158.19 million.
The company was only able to repatriate $133 million from Nigeria at an average rate of ₦1,589 per dollar, down from $184 million at ₦1,044 per dollar the previous year.
“Nigeria’s economic challenges had a significant impact on our Rest of Africa operations, contributing to a 23% decline in RoA subscription revenue to $779.66 million,” said Calvo Mawela, CEO of MultiChoice Group.
Overall, the group saw an 11% year-on-year drop in total subscription revenue, which fell to $2.27 billion.
Total revenue declined 9% to $2.87 billion, operating profit dropped 34% to $263.50 million, and trading profit nearly halved to $228.14 million.
Despite these setbacks, MultiChoice recorded strong growth in its digital and streaming segments.
DStv Internet revenue surged 85%, sports betting platform KingMakers grew by 76% (in constant currency), DStv Stream usage increased 48%, and Showmax saw a 44% year-on-year rise in paying subscribers.
“Our results reflect the dual reality of significant macroeconomic challenges and the strength of our strategic execution,” Mawela said.
“With continued investment in digital platforms, disciplined cost control, and a long-term focus on growth, we’re positioning ourselves for the future.”
MultiChoice noted that changes in consumer behavior, driven by technological advancement, the rise of streaming platforms, piracy, and increased social media use, are reshaping the pay-TV landscape.
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