DStv Battles Subscriber Exodus as Economic Hardship, Cheaper Streaming Options Reshape Africa’s Pay-TV Market
DStv Battles Subscriber Exodus as Economic Hardship, Cheaper Streaming Options Reshape Africa’s Pay-TV Market
DStv Battles Subscriber Exodus as Economic Hardship, Cheaper Streaming Options Reshape Africa’s Pay-TV Market
MultiChoice’s DStv is facing its most challenging period in over a decade, having lost an estimated 2.7 million subscribers between 2023 and the end of 2025 amid worsening economic conditions and rising competition from low-cost streaming platforms across Africa.
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Subscriber numbers dropped from 17.2 million in 2023 to about 14.5 million by the close of 2025, with further declines anticipated as financial pressures on households persist. By June 2024 alone, the company had already recorded a loss of 1.4 million customers, highlighting the speed of the downturn.
Despite MultiChoice’s acquisition by French media giant Canal+, the company continues to struggle in a tough operating environment. Across the continent, shrinking disposable incomes and policy uncertainties have pushed many viewers toward cheaper alternatives such as IPTV services, SLTV, Android TV boxes, eVOD and other digital streaming options. Frequent subscription price increases by DStv have further driven customers to platforms offering similar content at lower costs.
Nigeria has been one of the hardest-hit markets. Although the country has introduced sweeping reforms to transition to a market-driven economy, poverty remains widespread, with an estimated 133 million people living in multidimensional poverty. Years of inflation and policy inconsistencies have significantly weakened the middle class, traditionally a core customer base for pay-TV services.
In South Africa, DStv’s largest market, recent reforms have helped resolve power shortages and address logistics constraints limiting economic growth. However, these gains have not translated into broad-based poverty reduction. In October 2025, the World Bank warned that Africa’s economic growth remains too slow to significantly cut extreme poverty or generate enough quality jobs for its rapidly expanding population.
Content uncertainty has added to DStv’s challenges. Canal+ narrowly retained 12 Warner Bros Discovery (WBD) channels for African subscribers after a last-minute agreement reached on December 31, 2025. Channels such as CNN, Cartoon Network, Discovery Channel, Food Network, HGTV, Investigation Discovery, TLC, TNT Africa and Travel Channel were initially expected to exit the platform on January 1, 2026.
Further risks loom following reports of major corporate developments involving WBD, including a $72 billion deal announced by Netflix to acquire WBD’s studio and streaming assets, as well as a $108 billion hostile bid by Paramount Skydance for the entire WBD group. Any restructuring could affect DStv’s access to key content.
The financial impact has been stark. MultiChoice Nigeria’s subscription revenue fell by 44 percent to $197.74 million in the financial year ended March 2025, down from $355.93 million the previous year. The company attributed the decline to high inflation and deteriorating economic conditions that forced many subscribers to cancel their services.
“Nigeria’s economic challenges had a significant impact on our Rest of Africa operations, contributing to a 23 per cent drop in RoA subscription revenue to $779.66 million,” said MultiChoice Group Chief Executive Officer, Calvo Mawela.
Overall, group subscription revenue declined by 11 percent year-on-year to $2.27 billion, while total revenue fell by nine percent to $2.87 billion. Operating profit dropped by 34 percent to $263.50 million, and trading profit slid by nearly 50 percent to $228.14 million.
“Our performance reflects both the challenges we’ve faced and the resilience of our teams,” Mawela said. “While macroeconomic pressures and currency volatility have weighed on our results, our disciplined execution, cost management and investment in long-term growth opportunities position us for the future.”
Industry analysts say DStv’s ability to adjust pricing, strengthen digital offerings and secure competitive content will be critical as Africa’s pay-TV market continues to evolve under mounting economic pressure.
DStv Battles Subscriber Exodus as Economic Hardship, Cheaper Streaming Options Reshape Africa’s Pay-TV Market
