MultiChoice Nigeria’s Subscriber Base Plummets
MultiChoice Nigeria, the African pay-TV giant and operator of DStv and GOtv, has experienced a major downturn. According to its audited financial results for the year ended March 31, 2025, the company lost 1.4 million subscribers in Nigeria over the past two years. This sharp decline is largely linked to repeated subscription price increases, economic instability, and growing competition from streaming platforms.
Price Increases Drive Subscriber Exodus
Between 2023 and 2024, MultiChoice Nigeria raised subscription prices on three separate occasions:
- April 2023—First price hike
- November 2023 – Second increment
- May 2024—Third increase (announced in April)
These upward adjustments came during a time of soaring inflation, with Nigeria experiencing over 30% inflation, severely impacting disposable incomes and consumer spending habits.
Rest of Africa (RoA) Takes a Hit—Nigeria Leads Losses
The decline in Nigeria was part of a broader downturn across MultiChoice’s Rest of Africa (RoA) operations. Between 2023 and 2025, RoA lost a total of 1.8 million subscribers, bringing the total from 9.3 million in 2023 to 7.5 million in 2025.
Notably, Nigeria alone accounted for 77% of this regional loss, reinforcing its critical role in the group’s African footprint.
Subscriber Decline Slows in 2025
While 2024 marked the peak of customer churn (a 13% drop, or 1.2 million lost subscribers), the decline eased somewhat in 2025, with a 7% drop (from 8.1 million to 7.5 million RoA subscribers).
Factors Behind the Decline
In its earnings report, MultiChoice listed several macroeconomic and structural challenges:
- High inflation: Over 30% in Nigeria and Angola and 20% weighted average across key markets
- Power and fuel shortages: Particularly severe in Nigeria, Zambia, Zimbabwe, and Malawi
- Civil unrest: Disruption in Mozambique
- Rise of streaming and piracy: Shift toward digital platforms like Netflix, Showmax, and social media content consumption
As a result of these factors, active subscribers across RoA declined 7% year-over-year, with Nigeria alone contributing more than half of the total drop.
Financial Performance: Revenue and Profit Plunge
MultiChoice Group’s 2025 financial year performance took a serious hit:
- Revenue: Fell by ZAR5.2 billion (9% YoY) to ZAR50.8 billion
- Subscription revenue: Declined 11% due to currency devaluation and subscriber loss
- Trading profit dropped 49% YoY to ZAR4.0 billion, mainly from
- ZAR 2.3 billion in Showmax trading losses
- ZAR5.2 billion in foreign currency revenue losses
What Lies Ahead for MultiChoice Nigeria?
With three subscription price increases already behind them, MultiChoice Nigeria faces tough decisions. Whether another hike is on the horizon remains unclear. However, if inflation and economic headwinds persist, further pricing adjustments may be inevitable—despite continued subscriber losses.
Key Takeaways
- 1.4 million Nigerian subscribers lost between 2023 and 2025
- Nigeria was responsible for 77% of RoA subscriber loss
- Inflation, fuel/power crises, and streaming competition were major contributors
- Company revenue and profits saw steep declines
- Future price hikes remain uncertain
MultiChoice Nigeria’s subscriber drop reflects broader economic struggles and evolving media consumption trends across Africa. With inflation squeezing household budgets and streaming platforms offering affordable alternatives, traditional pay-TV operators like DStv and GOtv must innovate or risk further erosion of their market share.
