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MultiChoice Nigeria has lost a staggering 1.4 million subscribers over the past two years, following a wave of price hikes and mounting economic pressure across the country.
In audited financial results released Wednesday for the year ending March 31, 2025, the South African pay-TV giant revealed that Nigeria was the hardest-hit among its African markets, accounting for 77 percent of the subscriber loss recorded across its Rest of Africa (RoA) operations.
From 2023 to 2025, RoA subscribers fell from 9.3 million to 7.5 million — a net loss of 1.8 million. Nigeria alone contributed 1.4 million of that decline.
While the company implemented three subscription price increases in Nigeria within the two-year period — twice in 2023 and once in 2024 — it also cited external economic challenges as major contributors to the downturn. These included soaring inflation, persistent power outages, and chronic fuel shortages.
According to the Group’s earnings report, “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.”
As a result, active subscribers declined by 7% year-on-year, with Nigeria driving more than half of that loss.
Slower Decline in 2025
Though the company saw its steepest losses in 2024 — when it shed 1.2 million RoA subscribers, or 13% of the base — the decline slowed in 2025, falling by 7% from 8.1 million to 7.5 million subscribers.
Still, the financial impact remains severe.
Revenue for the Group dropped by ZAR5.2 billion, or 9% year-on-year, to ZAR50.8 billion. Subscription revenue alone declined by 11%, largely due to foreign exchange challenges and the shrinking customer base. Trading profit dropped nearly 50% to ZAR4.0 billion.
The Group said performance was materially impacted by structural industry shifts, such as the rise of video streaming platforms, widespread piracy, and changing viewer habits fueled by social media.
Losses from the company’s streaming service, Showmax, added to the pressure, with trading losses rising organically by ZAR2.3 billion. MultiChoice also reported ZAR5.2 billion in foreign currency revenue losses.
Future Uncertain Amid Inflation and Competition
MultiChoice Nigeria had increased its DStv and GOtv prices three times in just 12 months — first in April 2023, then again in November, and most recently in April 2024 (effective May 1).
With Nigeria’s inflation remaining above 30%, and customer loyalty waning, it is unclear whether the company plans to impose yet another hike.
But with market confidence faltering and streaming rivals gaining ground, analysts say MultiChoice faces a defining moment: adapt, or risk further erosion of its subscriber base.
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