DStv bloodbath

Multichoice lost 2.3 million 90-day active DStv subscribers over the last year, which included 614,000 in South Africa and 1,73 million in the rest of Africa.

This was revealed in Multichoice’s consolidated financial statements for the year ended 31 March 2025, released on Wednesday.

The company’s finances are a mess. Revenue declined by 9% to R50.8 billion, primarily due to an 11% drop in subscription revenue. Trading profit decreased to R4.0 billion.

What was particularly concerning was that most metrics were down. Revenue declined in Multichoice’s South Africa, the Rest of Africa, and Showmax businesses.

Trading profits declined in Multichoice’s technology, Rest of Africa, and Showmax businesses, and there were very few signs indicating a recovery.

The biggest story is the continued decline in DStv subscribers, which followed the same trend as last year.

In South Africa, Multichoice’s 90-day active DStv subscribers declined from 8.551 million to 7.937 million over the last year.

In the Rest of Africa, Multichoice’s 90-day active DStv subscribers declined from 12.383 million to 10.655 million over the last year.

This resulted in 90-day active DStv subscribers across the group decline from 20.934 million in 2024 to 18.592 million in 2025.

90-day active DStv subscribers are defined as all subscribers that have an active primary subscription within the 90 days on or before the reporting date.

In South Africa, Multichoice lost subscribers across all DStv segments. It lost 10% of premium subscribers, 6% of mid-market clients, and 7% of mass-market subscribers.

In the Rest of Africa, it lost 13% of premium subscribers, 12% of mid-market clients, and 14% of mass-market subscribers.

The different DStv packages and GOtv in the rest of Africa are explained below.

• Premium: Premium and Compact Plus packages.
• Mid-market: Compact, Commercial and GOtv Supa Plus packages.
• Mass market: Family Plus, Family, Access, Lite, GOtv Supa, GOtv Max, GOtv Plus, GOtv Value and GOtv Lite packages.

Multichoice said the decline in DStv subscribers indicates ongoing broad-based pressure across the group’s entire customer base.

It explained that high unemployment, low economic growth, and the ongoing effect of load reductions put South African consumers under significant financial pressure.

This negatively affected businesses like Multichoice that provide discretionary products and services like DStv.

“The ongoing cost-of-living crisis has meant that households are struggling to make ends meet, and many have no choice but to give up their DStv subscription,” it said.

The South African market has also been affected by the shift in video consumption towards cheaper streaming services, social media video, and free or pirated video services.

“The negative trend was evident across all three market segments, suggesting that economic hardship and affordability remain a challenge across the board,” it said.

DStv subscriber numbers

DStv subscribers in South Africa

DStv subscribers in Africa