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MultiChoice Group maintains strategic momentum despite macroeconomic challenges

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MultiChoice

Despite external pressures, MultiChoice’s strategy leverages a solid financial foundation, targeted investments, and disciplined cost management to drive future growth and deliver the best video entertainment to customers

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

  • Unprecedented foreign exchange pressures and economic challenges in key African markets impacted earnings and dampens subscriber growth
  • On track to right-size cost base and grow new revenue streams to drive future growth as streaming gains traction at the expense of traditional pay-tv
  • Cost-cutting measures delivered R1.3bn in permanent savings, on track to reach increased full-year target of R2.5 billion
  • Showmax customer base grew 50% YoY as a leading streaming service in sub-Saharan Africa
  • Strong revenue growth in new products: DStv Steam +71%, DStv Internet +85%, DStv Insurance +31%, KingMakers +53%
  • Strong liquidity of R10 billion provides solid financial base to support growth
  • Negative equity position on track to be resolved in November 2024.

MultiChoice Group (MCG or The Group) (www.MultiChoice.com) continued to deliver exceptional video entertainment and execute on core strategic initiatives during the first six months ended 30 September 2024 (1H FY25). However, unprecedented foreign exchange volatility severely impacted the Group’s interim financial results, while ongoing macroeconomic challenges weighed on customer growth and moderated overall performance.

Facing the most challenging operating conditions in almost 40 years and to generate desired returns, the Group has been proactive in its focus to ”right-size” the business for the current economic realities and industry changes. Although operating across Africa typically subjects the group to currency moves, abnormal currency weakness over the past 18 months have reduced the group’s profits by close to R7 billion. Combined with the impact of a weak macro environment on consumers’ disposable income and therefore on subscriber growth, it required the Group to fundamentally adjust its cost base – which is exactly what has been done. The normal cost savings program was accelerated, resulting in permanent savings of R1.3bn in over the past six months and an increased target of ZAR2.5bn for the full year.

“We are making good progress in addressing the technical insolvency that resulted from non-cash accounting entries at the end of the last financial year. We expect to return to a positive net equity position by the end of November this year, supported by a number of developments and initiatives. The Group’s liquidity position remains strong, with over ZAR10bn in total available funds,” says Calvo Mawela, MultiChoice Group CEO.

The Group is also adjusting to global pay-TV challenges as streaming services, the rise of social media and changing consumer preference impact the traditional broadcast business. Showmax, which reported 50% growth YoY in its paying customer base, strategically positions the business to actively participate in the streaming revolution as it gains momentum across Africa. To create sufficient capacity and drive growth, the group stepped-up its investment in this business by an incremental ZAR1.6 billion during the interim period.

“We have successfully been implementing our strategy over the past few years, achieving key milestones such as our investment in KingMakers, returning the Rest of Africa business to profitability in FY23 and FY24, concluding the Showmax partnership with Comcast and investing in Moment. While we’ve made huge inroads to reduce our cost base, there’s still more work to be done”.

“However, our focus extends beyond cost efficiency—we are equally committed to grow the business. We remain committed to driving new revenue streams and see significant medium to long-term opportunities in video entertainment, particularly in streaming, and in our adjacent new businesses,” says Mawela

The Group reported strong momentum in its new products and services, which all delivered robust   YoY revenue growth, i.e. DStv Stream +71%, DStv Internet +85% and DStv Insurance + 31%. KingMakers reported a healthy 27% increase in its online monthly active users in Nigeria and grew its revenue in Naira by 53%, while newly-launched SuperSportBet is showing good early traction in South Africa.

Financial Results Overview

Subscriber base: The pressure on the linear pay-TV subscriber base was lower than the previous six-months, reflecting a 5% decline (0.8m) compared to 6% reported (1.0m) in 2H FY24. This reflects an improving sequential trend. On a YoY basis, the linear subscriber base declined by 11% or 1.8m subscribers to 14.9m active subscribers, impacted by the challenging macroeconomic conditions that negatively impacted discretionary consumer spend.

Group revenues: Revenues increased by 4% YoY to ZAR25.4bn on an organic basis, due to disciplined inflationary pricing and revenue growth of new products. On a reported basis, revenues declined by 10%, impacted by foreign exchange pressures on the Rest of Africa business and a stronger Rand against the US Dollar.

Group trading profit: The Group’s ongoing cost optimisation drive delivered ZAR1.3bn in savings, and together with other improvements in the business, it resulted in a 33% increase in trading profit before incorporating the Showmax costs. A ZAR1.6bn step-up in the investment behind Showmax to create capacity for growth, trimmed the organic trading profit to ZAR5.0, a decline of only 1% YoY. Foreign exchange losses in the Rest of Africa business amounting to ZAR2.3bn reduced reported trading profit to ZAR2.7bn.

Adjusted core headline earnings, the board’s measure of the underlying performance of the business, amounted to ZAR7m, impacted by foreign exchange losses and the investment in Showmax.

Cash flow and liquidity: The Group free cash flow remained positive at ZAR0.6bn, with ZAR5.7bn retained in cash and cash equivalents. Despite the increase in net interest costs and a higher average debt balance, the Group remains well-positioned to navigate current challenges with access to ZAR4.4bn in undrawn facilities.

We are making good progress in addressing the technical insolvency that resulted from non-cash accounting entries at the end of the last financial year

Operational update

General entertainment and sport

Delivering content that customers love remains the Group’s core focus— whether it is the best of local or international general entertainment or the most exciting sport events.

In the past six months, the Group produced 2,763 hours of local content, bringing its local content library to 86,215 hours.

SuperSport reinforced its reputation as a global leader in sport broadcasting with extensive coverage of the Paris 2024 Olympic Games, EURO 2024, and the ICC T20 Men’s World Cup. Over the past six months, SuperSport has broadcast 10,240 live events and provided a total of 21,540 hours of live coverage, a 22% increase YoY. 

SuperSport Schools doubled its user base and crossed a milestone of one million registered users on its app, delivering over 35,000 hours of content over the past six months.

Business segments

As a mature business, MultiChoice South Africa is focused on subscriber retention and reconnections, identifying remaining growth opportunities, as well as optimising processes and systems to improve customer experience and operational efficiency.

In the Rest of Africa business, the Group is implementing several initiatives to support improved financials, including price adjustments to counter the impact of inflation, renegotiating content deals where feasible, restructuring select packages to enhance ARPU, optimising the DTT network, and intensifying anti-piracy initiatives.

In FY25, Showmax is focussed on enhancing its content line-up, bedding down distribution partnerships, expanding payment channel integrations and refining its go-to-market strategy.

Irdeto delivered encouraging revenue growth, after securing a major customer in Asian and expanding managed services with a key customer in Australasia.

KingMakers continued to gain strong momentum in Nigeria, where BetKing Nigeria has secured the second position in the online betting market. SuperSportBet, the South African business launched late last year, is showing early signs of success and reported a remarkable tenfold increase in net gaming revenue over the past nine months.

Moment, now live in 40 African countries, has shown rapid growth since its launch last year, with total payment volumes (TPV) growing to USD242m. It is already processing almost 30% of the Group’s payments.

Looking Ahead

The Group continues to invest in its long-term future, focusing on the following strategic priorities:

  • Improving profitability and cash generation in the South African business.
  • Streamlining the cost base in the Rest of Africa to return this business to profitability.
  • Investing in Showmax to establish it as the leading streaming platform on the continent.
  • Supporting KingMakers, Moment and DStv Insurance to drive scale.

By executing well on these objectives, the Group will be well positioned to deliver future growth and create value as Africa’s leading video entertainment platform and most-loved storyteller.

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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1 day ago

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September 25, 2026

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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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1 day ago

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September 25, 2026

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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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1 day ago

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September 25, 2026

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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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