MultiChoice, Africa’s entertainment platform, which owns DSTV and GOTV brands in Kenya, has reported a 15% drop in subscribers for the period ending 31st March 2025.

Multichoice has attributed GOTV’s 15% decline in Kenya to weakened demand among low-end consumers, increased competition from free-to-air alternatives in the mass market, and a challenging macroeconomic environment.

The company also cited a rise in internet connectivity, which has contributed to the growing problem of content piracy.

However, the entertainment platform has recorded several successes in Kenya. These include implementing price increases in April and November, amounting to an effective 12% rise, along with effective pricing and cost management strategies to address growth pressures.

Additionally, the average exchange rate improved by 12% year-on-year against the U.S. dollar, contributing to a notable 61% increase in profits over the same period.

Kenya accounts for 10% of Multichoice’s total subscription revenue across its operations outside South Africa.

Nigeria DSTV, GOTV Records 13% Drop

At the same time, Nigeria recorded a 13% decline in subscribers for the financial year ending March 2025. Despite the drop, it remains Multichoice’s largest market outside South Africa, contributing 26% of total Rest of Africa subscription revenue.

Multichoice recorded several strategic wins in Nigeria despite a challenging environment:

• Implemented significant price increases totalling an effective 47%, to help absorb high inflation.
• Maintained pricing and cost management to mitigate foreign exchange (FX) pressures.
• Right-sized the business to align with prevailing economic conditions.
• Continued regular cash remittances reduced sharply, from USD 51 million to USD 4 million year-over-year.

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However, it faced the following challenges;

• Inflation remains high, recorded at 24% even after official rebasing efforts.

• The national power grid collapsed 12 times in 2024.
• Fuel scarcity has driven up prices, further straining consumer spending and reducing affordability for pay-TV services.
• The naira weakened by 44% year-over-year against the U.S. dollar.

Also Read: Equity Group’s Net Profit Drops by 4% in First Quarter of 2025 

Performance in Zambia

Zambia recorded a 38% year-on-year decline in subscriptions and contributed 6% to Multichoice’s FY25 subscription revenues.

The company passed a 19% average price increase in April and implemented pricing and cost management strategies to counter foreign exchange and growth pressures.

The business remained profitable despite the weakening of the Kwacha.

However, the average spot rate weakened by 18% year-on-year against the US dollar.

Additionally, the subscriber base declined by 50% over the past 24 months due to extended power outages, lasting up to 23 hours a day, caused by drought and low hydro-power dam levels.

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