MultiChoice loses 1.4 million subscribers in two years amid economic struggles

MultiChoice has lost 1.4 million subscribers in Nigeria over the past two years, highlighting the severe impact of economic headwinds on consumer spending.

The company revealed this in its latest financial results for the year ended 31st March 2025.

This drop accounts for 77% of the total 1.8 million subscribers lost across MultiChoice’s Rest of Africa (RoA) operations during the same period.

Three rounds of price increases on DStv and GOtv subscriptions, implemented twice in 2023 and once in 2024, triggered the exodus.
These increases came amid surging inflation, frequent power outages, and fuel shortages, all of which weakened Nigerian consumers’ ability to maintain pay-TV subscriptions.

Nigeria’s inflation rate stayed above 30% throughout this period, driven by sharp rises in food, electricity, and fuel costs. Many households, struggling to manage essential expenses, cancelled their pay-TV services.

In addition, ongoing power grid collapses and persistent fuel scarcity disrupted service quality, further accelerating subscriber churn.

Although the pace of decline slowed in the 2025 financial year, MultiChoice still reported a 7% fall in its RoA subscriber base from 8.1 million to 7.5 million, compared to a steeper 13% drop in the previous year. Nigeria remains the hardest-hit market, shedding 243,000 subscribers between April and September 2024 alone.

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The financial impact has been equally severe. MultiChoice Nigeria’s subscription revenue dropped 44%, falling from $355.9 million in 2024 to $197.7 million in 2025. The company attributed this to both the loss in subscriber numbers and Nigeria’s worsening economic climate.

MultiChoice Group CEO, Calvo Mawela, described the situation as the most difficult operating environment the company has faced in nearly 40 years. He cited inflation, failing infrastructure, and the rise of digital alternatives like streaming and social media as key challenges.

Despite these setbacks, MultiChoice is implementing cost-saving initiatives and diversifying its revenue streams. The company continues to invest in Showmax and other digital platforms to maintain relevance and cushion financial strain.

As Nigeria remains a core market, MultiChoice must strike a balance between pricing, service quality, and innovation. Rebuilding trust and delivering value will be crucial as the company seeks to regain footing in Africa’s largest economy.