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MultiChoice reports resilient performance while expanding its platform

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2 years ago

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MultiChoice

Clear strategic milestones were reached, with the group successfully launching Showmax 2.0, SuperSportBet and Moment, all of which are now revenue-generating

JOHANNESBURG, South Africa, June 12, 2024/APO Group/ — 

MultiChoice Group (www.MultiChoice.com/) demonstrated resilient operational performance for the year ended March 2024 (FY24), delivering a 26% trading profit margin in South Africa, while increasing trading profit in the Rest of Africa by 48%, despite very challenging macro-economic conditions. Clear strategic milestones were reached, with the group successfully launching Showmax 2.0, SuperSportBet and Moment, all of which are now revenue-generating and supporting the group’s future growth prospects.

Download document: https://apo-opa.co/4cj3eXQ

“Four years after setting out a clear strategy of building Africa’s entertainment platform of choice and investing in services to support a broader ecosystem, our three core segments are now fully operational: video entertainment, interactive entertainment and fintech. Our focus now shifts to building on these solid foundations to drive growth in these new areas, and on further enhancing business efficiency across our operations.

While we are not alone in feeling the challenges of a weak consumer environment, I am proud of the speed and effectiveness of the team in implementing strategic actions to retain customers, safeguard cash generation and drive costs savings which surpassed our targets. It is the strength of this team, the quality of the underlying business and the clarity of our strategy which underpins my confidence in delivering on our potential,” said Calvo Mawela, MultiChoice Group CEO.

Some key points for the past financial year:

  • Subscriber base: Given the challenging consumer environment, overall active subscribers declined by 9%. This was mainly due to a 13% decline in the Rest of Africa business, with Nigeria, Angola and Zambia most affected, while the South African business was more resilient, declining by only 5%.   
  • Group revenue: increased by 3% on an organic basis. However, due to weaker local currencies and consumer pressure, reported Group revenue declined by 5% to ZAR56.0bn.
  • Subscription revenues: grew by 2% on an organic basis. However, on a reported basis, subscription revenues declined by 7% due to a weaker Naira.
  • Group trading profit: increased 24% on an organic basis, despite the additional ZAR1.4bn investment in Showmax to drive future growth. After factoring in the ZAR4.5bn impact related to foreign exchange weakness, reported trading profit declined by 21% to ZAR7.9bn.
  • Positive operating leverage: Given the positive impact of the lower expenditure (including ZAR1.9bn in cost savings and ZAR1.5bn in reduced decoder subsidies), the group achieved positive operating leverage of 4.3% (i.e. a 3.3% organic revenue increase against a 1% organic reduction in operating expenses).
  • Adjusted core headline earnings: Higher realised hedging gains and benefits from a narrower gap between official and parallel Naira rate, was more than offset by the weaker trading profitability, resulting in adjusted core headline earnings (which now includes losses on cash remittances after tax and minorities) decreasing by 20% to ZAR1.3bn.
  • Free cash flow: amounted to ZAR589m, impacted by lower profitability and the  ZAR1.7bn in Showmax platform payments.
  • Retained cash and cash equivalents: ZAR7.3bn in cash (before short-term commitments) and access to ZAR4.1bn in undrawn borrowing facilities provides significant headroom and flexibility to fund opportunities.

MultiChoice is by far the largest producer of original content on the African continent. In FY24, the group again produced over 6 500 hours of local content and its local content library now has more than 84,000 hours of content, a 12% increase YoY.

The highlight for the year was Shaka Ilembe, which launched on Mzansi Magic in June to become Africa’s biggest TV series. Filmed entirely on location in South Africa, it was created through the skills and contributions of over 8 000 people. The premiere episode attracted over four million viewers and was the top-performing show with an audience share of over 45% in its time slot.

Other content highlights of the year was Reyka (season 2), Devil’s Peak and White Lies on linear (co-produced with Fremantle, Canal +, Abacus Distribution and BBC Studios-owned Lookout Point) and Spinners, Original Sin: My Son The Killer, and Catch Me a Killer, on streaming. Across Africa, the group launched 3 new proprietary channels – in Ethiopia (Maaddii Abol), Uganda (Pearl Magic Loko) and Mozambique (Maningue Magic Kool) while also producing content in Africa’s 4th most spoken language, Oromo.

SuperSport broadcast 34 490 live events during the year – arguably more live sport than any other broadcaster in the world. Highlights included the Rugby World Cup in France, the Cricket World Cup in India, a second  SA20 season in South Africa, AFCON, FIFA Women’s World Cup in New Zealand and Australia, as well as the Netball World Cup in Cape Town.

SuperSport Schools more than doubled its registered user base during the year. The fast-growing platform displayed more than 49 000 hours of live programming across 43 different sports codes, covering 900 school sport festivals and events, featuring more than 1 100 schools, and over 14 500 teams.

SEGMENTAL REVIEW

South Africa Pay-TV (MultiChoice South Africa)

Due to a strong focus on retention initiatives, the decline in active subscribers in South Africa was limited to 5%, despite the challenging environment. The base now stands at 7.6 million households.  Power outages experienced on 275 days of the year further discouraged potential subscribers without backup power.

Although the Premium bouquet is trending toward a stable base given the targeted retention efforts, the premium customer tier (which includes the Premium and Compact Plus bouquets) declined by 8%. The mid-market Compact base, which is most exposed to the macro-economic challenges, was down 9%, while the mass-market tier was 2% lower due to pressure in the Family base, the impact of loadshedding, and reduced decoder subsidies.

A consequent 3% decline in subscription revenues and softer advertising income weighed on the segment’s total revenues (-2% to ZAR33.6bn), but was partially offset by strong traction from new revenue streams, especially the insurance business (NMSIS) which reported a 35% increase in premium revenue to almost ZAR1bn. Several interventions to reduce costs enabled the SA business to achieve a trading margin of over 26%.  

Rest of Africa Pay-TV (MultiChoice Africa)

Four years after setting out a clear strategy of building Africa’s entertainment platform of choice and investing in services to support a broader ecosystem

The business in the Rest of Africa faced the toughest macro-economic conditions in its core markets with high, double-digit inflation and extreme depreciation of local currencies, (especially in Nigeria, Angola, Kenya and Zambia) which impacted USD revenues by 32%.

The active subscriber base declined to 8.1m, but effective retention efforts contributed to an improved subscriber mix.

Due to the challenging market dynamics, the short-term focus of this business shifted from subscriber growth to safeguard profitability and cash flows. Several cost-saving initiatives were implemented, including scaling back significantly on decoder subsidies (-46% YoY or ZAR1.3bn), and reducing SG&A costs by ZAR500m. These interventions enabled the Rest of Africa business to increase trading profit by 48% YoY to ZAR1.3bn.

Sub-Saharan Africa SVOD (Showmax)

FY24 was a pivotal year for Showmax as it relaunched across 44 markets in sub-Saharan Africa on Peacock’s world-class platform, which is 4K/HDR and ATMOS ready. Almost 100% of the eligible customer base was migrated to the new Showmax platform, and 88% of those migrated had reactivated their accounts in the seven weeks to year-end.

Alongside local content from M-Net, Mzansi Magic, Africa Magic and Maisha Magic, Showmax ramped up its local content, releasing 59 original movies and series in SA, Nigeria, Kenya and Ghana (FY23: 48). Popular shows that drove viewership included Tracking Thabo Bester, Koek, The Mommy Club, Youngins, Red Ink, Adulting, Outlaws and Real Housewives of Durban in South Africa, Cheta’m, Real Housewives of Lagos, Dead Serious, Wura and Flawsome in Nigeria, and Single Kiasi and Second Family in Kenya.

Showmax revenues for the year grew by 22% (+22% organic) to ZAR1.0bn, while trading losses increased to ZAR2.6bn. These losses came in below the expected range of ZAR3-4.0bn. As noted before, due to the partnership agreement signed in 2023, 30% of Showmax’s funding requirements is contributed by Comcast.

Technology (Irdeto)

Irdeto’s strong execution, enabled it to become the market leader in managed security services for video with a 22% market share. It also saw significant success in combatting piracy, taking down some 30 000 streaming piracy services during the year. Revenue increased by 17% (7% organic) driven by external customers across video entertainment, gaming and connected transport, with some additional uplift from a weaker ZAR against the USD. Disciplined cost management supported a 23% trading margin.

Irdeto shipped its first keyless solutions to leading customers, including one of the largest fleet operators in the US market. This resulted in a revenue increase of 119% YoY in the connected transport division, with revenue from new services now representing a combined 35.7% of total revenues. 

Sports betting and interactive entertainment (KingMakers)

KingMakers reported strong growth in the online business in Nigeria, with monthly active users up 37% YoY and online gross gaming revenues up 26% YoY in constant currency. New products were also launched, including BetKing Casino and BetKing FootballGO, a virtual football sportsbook service.

Revenue of USD147m was affected by the weak Naira, while the business reported a positive EBITDA of USD2m. At the end of its December year-end the business had a retained cash balance USD113m to fully fund its growth initiatives.

KingMakers launched the SuperSportBet business in South Africa in January 2024. Its pre-game shows and live feed integration with SuperPicks, as well as the Playbook preview show were key drivers of uptake, further supported by SuperSportBet becoming the official betting partner of local soccer clubs, Kaizer Chiefs and Orlando Pirates.

Fin-tech (Moment)

After being founded during FY23, Moment officially launched in FY24. The business played a vital role in the Showmax relaunch stepping up to fill a critical payments gap. In January this year, Moment also began processing MultiChoice’s payments for DStv, reaching a milestone of processing USD85m in payments in early March 2024.

To-date, Moment has processed local and cross-border card payments in 44 Showmax markets and is already accounting for more than 20% of Group’s payment volumes. It also joined real-time payment networks in 18 countries, including South Africa, and is currently piloting instant payment and account activation for DStv.

The business raised an additional USD22m of funding, with MultiChoice contributing USD8m. As a result, Moment is now valued at USD82m and MultiChoice owns a 26% stake.

FUTURE PROSPECTS

The linear video-entertainment business remains the mainstay of the group’s operations and provides a valuable base from which to expand its service offerings. The new streaming, interactive entertainment, fintech and connectivity services are having a positive impact on the business, and more importantly, on the lives of its customers. Going forward, the group will focus its efforts on scaling Showmax, Moment, SuperSportBet, as well as on driving growth in insurance (NMSIS), DStv Internet and DStv Stream.

To counter the challenges around an uncertain economic recovery globally and across the group’s operating footprint, the group will continue to drive business efficiency and cost optimisation, with an increased cost savings target of ZAR2bn.

Not only should this mitigate the ongoing impact of currency volatility and consumer weakness on performance, but together with the company’s strategic plans to continue adapting its platforms to cater to customers’ evolving needs, it positions the group well to prosper once currencies stabilize and economies rebound.

Distributed by APO Group on behalf of MultiChoice Group.

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Enlit Africa seeks contributions that move the conversation from strategy to execution: ensuring a Future Fit Africa

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2 days ago

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September 25, 2026

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Africa

Share your expertise with Africa’s power, energy and water community, connect with decision makers from across the value chain and contribute to the conversations shaping the continent’s next generation of infrastructure and investment

CAPE TOWN, South Africa, September 25, 2026/APO Group/ –Speaker submissions are open for Enlit Africa, created by VUKA Group (www.WeAreVuka.com), as it returns to the CTICC, Cape Town from 11–13 May 2027.

Do you have a project, lesson, strategy or innovation that Africa’s energy sector should hear about?

 




  

We invite utilities, project owners, developers, IPPs, commercial and industrial energy users, municipalities, policymakers, regulators, financiers, researchers and industry practitioners to submit abstracts sharing practical experience, case studies, research, projects and lessons from across Africa’s changing energy and water sectors.

What are we looking for?

We particularly encourage non-vendor speakers to submit contributions across:

  1. Enlit Africa Main Stage – From Strategy to Execution
    Policy, market reform, investment, leadership and the decisions required to turn Africa’s energy ambitions into implementation.
  2. Generation
    New capacity, generation technologies, energy security, operating performance and Africa’s evolving energy mix.
  3. Transmission & Distribution
    Grid expansion, modernisation, open access, system operation, cross-border interconnection, digitalisation and infrastructure investment.
  4. Municipal Forum:Municipal management, with an emphasis on electricity and water – with a strong emphasis on service delivery.
  5. Power Hub:Technical advancements in power generation, transmission, distribution and more. Technical presentations encouraged.
  6. Water Hub:Technical insights into water management and solutions.
  7. Water Security Hub: Strategy, finance, management and technology application for water security.
  8. Project & Investment Hub: Project developments, country roundtables, project briefings, finance, and innovative financing models (including M300).
  9. Renewable Energy & Storage:Covering both technical and strategic applications of renewables and storage.

What makes a strong submission?

We want to hear about what is happening on the ground.

Tell us about:

  • A project being implemented or developed
  • A challenge your organisation has solved – or is still trying to solve
  • Lessons from implementation
  • New research or industry findings
  • Innovative financing or commercial models
  • Technologies being deployed in real operating environments
  • Policy or regulatory changes and what they mean in practice
  • Approaches that could be replicated elsewhere in Africa

Preference will be given to submissions that provide practical insights, measurable outcomes and lessons that the wider industry can apply.

Why present at Enlit Africa?

Africa does not need another conversation about what should happen. Help us explore how we make it happen and how we ensure Africa is future fit.

Share your expertise with Africa’s power, energy and water community, connect with decision makers from across the value chain and contribute to the conversations shaping the continent’s next generation of infrastructure and investment.

Submission details

Abstract length: 300–500 words
Submission deadline: 29 January 2027
Speaker feedback: 7 December 2026 – 5 February 2027

Visit the Enlit Africa website to submit your speaker abstract: https://apo-opa.co/4d2TTq2

Distributed by APO Group on behalf of VUKA Group.

 




 

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CEM Africa Awards 2026 set to recognise Africa’s leading Customer Experience (CX) talent and innovation

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2 days ago

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September 25, 2026

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CEM Africa Awards

The 2025 awards attracted more than 80 entries and 31 finalists, culminating in eight award winners

The calibre of organisations and individuals recognised through the CEM Africa Awards demonstrates just how much extraordinary CX work is being done across the continent

 




 
JOHANNESBURG, South Africa, September 25, 2026/APO Group/ –Customer experience professionals, teams and organisations across Africa have just days remaining to enter the 2026 CEM Africa Awards, with free applications closing on 30 September 2026.

 

Taking place on 10 November 2026 at the NH Hotel in Sandton, Johannesburg, the Customer Experience Africa Awards form part of the CEM Africa platform and recognise the individuals, teams, technologies and initiatives raising the standard of customer experience across the continent.

For organisations considering whether to enter, the company they could be keeping provides a compelling indication of the calibre of the awards.

A growing roll call of African CX leaders

The 2025 awards attracted more than 80 entries and 31 finalists, culminating in eight award winners. Finalists represented organisations spanning financial services, technology, telecommunications, retail, insurance, public services and social impact.

Among them were Absa, Capitec Bank, Santam, Telesure Investment Holdings, Equity Bank, Takealot.com, NTT DATA, Frogfoot, Telviva, Harambee Youth Employment Accelerator, the University of Pretoria and South Africa’s Department of Social Development.

The 2025 winners included Serisha Iyer of Absa Corporate and Investment Banking, named Rising Star in CX; Alma Angela Olela of Jubilee Health Insurance, named CX Leader of the Year; and Franco Cotumaccio of Shadow Global, winner of Breaking Barriers in CX.

Corporate winners included Telesure Investment Holdings for Best Overall CX Solution, Krisp for Best Use of AI, Telviva for Best Enterprise Contact Centre Platform, Harambee Youth Employment Accelerator for Best Customer Experience Team of the Year and the University of Pretoria for Best Citizen Experience Initiative.

That follows a 2024 edition in which winners included NCBA Bank, MultiChoice, Digital Solutions Group, Absa Bank and Telviva, alongside individual CX leaders from across the continent.

More than a trophy

For entrants, recognition through the CEM Africa Awards puts their work in front of a wider African CX community and an independent judging panel drawn from across the industry.

The 2026 judging panel includes global CX specialist Ian Golding; Andrew (Dré) Enebeli, Head of CX & Engagement at Access Bank; Dr Oliver Museka, President and Founder of IRDM College Eswatini; Jonathan Daniels, Managing Director of CX Centric; Joven Pillay, Partner and Head of Customer Consulting at KPMG; and Qaalfa Dibeehi, Managing Partner at Human2Outcome.

This year’s awards recognise excellence across four broad pillars – People, Innovation, Transformation and Government – covering categories including CX Leader of the Year, Rising Star in CX, Breaking Barriers in CX, Best Overall CX Solution, Best Use of AI, Best Enterprise Contact Centre Platform, Best Customer Experience Team of the Year, Best Digital Transformation in Public Services and Best Citizen Experience Initiative.

“The calibre of organisations and individuals recognised through the CEM Africa Awards demonstrates just how much extraordinary CX work is being done across the continent. These awards give that work a platform. Whether it is a major transformation programme, an innovative use of technology or an individual changing how their organisation thinks about the customer, we want to make sure Africa’s best work is being seen and recognised.”

  • Briteny Price, Event Manager and CEM Africa Awards Director

Final opportunity to enter

Applications for the 2026 CEM Africa Awards are free and remain open until 30 September 2026. Finalists will be announced in October, ahead of the awards ceremony on 10 November at the NH Hotel, Sandton.

Organisations, teams and individuals working to improve customer and citizen experience across Africa are encouraged to submit their entries before the deadline.

Apply for the CEM Africa Awards 2026 by 30 September 2026

Submit your application (https://apo-opa.co/4hdcimx)

Explore the CEM Africa Awards

Visit the CEM Africa Awards website (https://apo-opa.co/4iNXzzM)

Distributed by APO Group on behalf of VUKA Group.

 




  

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Emirates to bring the A350 to Nairobi, introducing next-generation cabin experiences

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2 days ago

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September 25, 2026

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Emirates

The introduction of the A350 also marks the first time Emirates’ highly acclaimed Premium Economy cabin will be available to customers flying to and from Kenya, complementing the airline’s enhanced Business and Economy offerings

NAIROBI, Kenya, September 25, 2026/APO Group/ —

  • From 25 October, Nairobi becomes the 32nd destination to be served by the Emirates A350
  • Latest-generation aircraft introduces Emirates’ acclaimed Premium Economy cabin to Kenya for the first time, along with enhanced Business and Economy Class cabins
  • Deployment reinforces Emirates’ continued investment in Kenya and commitment to delivering an exceptional customer experience across its Africa network

 




  

Emirates (www.Emirates.com), the world’s largest international airline, will soon serve Nairobi with its newest aircraft type, the Airbus A350 (https://apo-opa.co/47hy1nv). From 25 October 2026, the A350 will operate on EK717 and EK718, bringing Emirates’ latest-generation cabin experience to customers travelling between Dubai and Nairobi. The Emirates A350 is defined by spacious, bright cabins, enhanced technology, connectivity, and the airline’s signature hospitality across all three cabins.

 

The introduction of the A350 also marks the first time Emirates’ highly acclaimed Premium Economy cabin will be available to customers flying to and from Kenya, complementing the airline’s enhanced Business and Economy offerings.

 

Christophe Leloup, Emirates Country Manager in Kenya said, “The arrival of the A350 in Nairobi marks an exciting new chapter for Emirates in Kenya. We’re delighted to bring our latest aircraft and onboard experience to our customers in market, with more comfort, choice and thoughtful touches in every cabin. Combined with our growing flight schedule, the A350 gives customers travelling on the Dubai-Nairobi route something new to discover, while building on the experience they know and love from Emirates.”

 

 

What passengers can expect from the A350

The newest aircraft type to join Emirates’ all widebody fleet, the A350 accommodates 298 passengers in three spacious cabins – Business, Premium Economy and Economy. The bright and airy cabins have been thoughtfully designed to provide more space and comfort in every cabin, whilst cutting-edge technology and enhanced entertainment options elevate every journey.

 

Making its debut in Kenya, Emirates’ Premium Economy cabin offers elevated comfort, comparable to a Business Class experience on many airlines. The cabin is spacious with leather reclining seats that feature a generous pitch, adjustable headrests and more legroom. Customers can enjoy in-seat charging points, a wood-finished side cocktail table, a 13.3-inch TV screen, a generously sized pillow and blanket, complimentary amenity kits on select flights – including the Dubai-Nairobi route – and a globally exclusive sparkling wine, Chandon Vintage Brut 2017.

We’re delighted to bring our latest aircraft and onboard experience to our customers in market, with more comfort, choice and thoughtful touches in every cabin

 

Business Class is configured in a 1-2-1 layout ensuring every passenger has direct aisle access and a spacious, private environment for both work and relaxation. The fully lie-flat seat is wrapped in soft cream leather and features a personal minibar and wireless charging for comfort and convenience. At the back of the cabin is a snack display area allowing passengers to help themselves to refreshments throughout the flight.

 

Economy Class features an all new, airy colour palette of sky blue, bronze and cream, complemented by lighter-toned wood finishings. Each seat features the airline’s upgraded ice inflight entertainment system on a 13.3inch 4K adjustable touchscreen, while generous seat pitch and leather headrests provide support, comfort and extra legroom.

 

 

Continuing to raise the bar in Kenya

The deployment of the A350 follows a series of enhancements to the Emirates customer proposition in Kenya, including the introduction of the third daily flight between Dubai and Nairobi in July. With 21 flights per week, customers have greater flexibility and connections between Kenya and key markets across Europe and the US, via Dubai.

 

Nairobi is also home to Africa’s first Emirates World (https://apo-opa.co/4yeI34C) store, which opened in 2024, offering customers a more immersive way to discover Emirates’ products, while offering more convenience and personalised service.

 

Earlier this year, Emirates introduced further flexibility for customers in Kenya through a partnership with Cellulant, launching a split-payment solution (https://apo-opa.co/4xLYG6R) that allows travellers to combine multiple payment methods across 24-hour instalments when purchasing airfares.

Tickets can be booked now on Emirates.com, the Emirates App, or via both online and offline travel agents as well as Emirates World Store (https://apo-opa.co/46Kglkc) in Nairobi. Emirates continues to offer flexible booking policies for added peace of mind while travelling. Every ticket booked after 10th August 2026 comes with free unlimited dates changes to Dubai and one complimentary date change to anywhere else in the world, in addition to significantly reduced refund fees across all cabins and fare types, allowing passengers to adjust their travel plans with minimal penalties.

Distributed by APO Group on behalf of The Emirates Group.

 




 

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