Another blow for DStv in South Africa
Canal+ revenue has risen by over 37% since its acquisition of MultiChoice, but the South African company is still struggling to turn itself around.
While MultiChoice has initiated a plan to reverse its financial woes, aided by its new owner and a massive restructuring, its revenue has continued to decline.
In a trading update for the nine months ended 30 September 2026, Canal+ reported group revenue had increased by 37.5%, largely due to purchasing MultiChoice.
However, on a like-for-like basis, the picture is different.
The French media giant acquired MultiChoice in September 2025 for approximately R55 billion, with plans to expand its presence in Africa.
The deal also led to Canal+ having a secondary listing on the Johannesburg Stock Exchange (JSE), while its main listing remains in London.
The JSE listing on 3 June 2026 also made Canal+ the first French company to list on the South African bourse.
Since acquiring MultiChoice, the company said it has made progress on its turnaround plan for its new subsidiary.
Canal+ CEO Maxime Saada said, “We are making good progress with the MultiChoice turnaround plan.”
“In September, a new, simplified value proposition was launched in South Africa, providing subscribers with more content, greater choice, and better value for the same price.”
While the French company has seen its scale grow since acquiring MultiChoice, its like-for-like revenue, including MultiChoice, declined by 0.3%.
“Group revenue remained broadly flat (-0.3%) year on year on a like-for-like basis, including nine months’ contribution from MultiChoice,” Canal+ said.
While MultiChoice has increased its year-on-year revenue, aided by currency exchanges, its revenue decreased on a like-for-like basis.
“MultiChoice Group revenue increased 0.4% on a restated basis, notably benefiting from a material positive currency effect,” Canal+ said.
“On a like-for-like basis, revenue decreased 3.0%, driven by lower subscription revenue in South Africa, partially offset by higher revenue in most other English-speaking countries.”
MultiChoice and its main platform, DStv, have struggled for years with declining subscription numbers since the advent of streaming services.
Since 2021, the television platform has seen its total subscriber base slowly fall, which it has previously attributed to third-party streaming services.
In its 2025 financial year, the number of DStv subscribers fell by 589,000, representing an 8% overall decline.
Since acquiring the company, Canal+ has worked to turn the platform around and has recently launched a new subscription model.
Canal+ previously said that it planned to update DStv’s subscription offerings, which it considered confusing and unwieldy.
DStv subscribers between 2018 and 2025
Loading ...