MultiChoice Nigeria has lost 1.4 million subscribers over the past two years, according to the audited financial results released by its parent company, MultiChoice Group, for the year ending March 31, 2025. The sharp decline in customer numbers coincides with multiple price increases for its DStv and GOtv services, implemented amidst worsening economic conditions.
The South African-based Pay-TV giant cited several macroeconomic challenges—particularly in Nigeria—including soaring inflation, power grid failures, and fuel shortages, as key drivers behind the subscriber exodus.
Nigeria Accounts for Majority of Regional Subscriber Loss
Nigeria alone contributed to 77% of the 1.8 million subscriber drop recorded across MultiChoice’s “Rest of Africa” (RoA) markets between 2023 and 2025. The total subscriber base in RoA fell from 9.3 million in 2023 to 7.5 million in 2025.
Despite the overall decline, MultiChoice noted a slight easing in the rate of subscriber loss. In the 2024 financial year, RoA saw a 13% drop in users, falling from 9.3 million to 8.1 million subscribers. In contrast, the decline in 2025 was milder at 7%, as the subscriber count dipped to 7.5 million.
Economic Headwinds and Operational Challenges
In its earnings report, the company emphasized the role of challenging market conditions in driving the loss of subscribers.
“Inflation across key markets remained high (around 20% on a weighted average basis, above 30% in Nigeria and Angola) and caused pressure on customer spending,” the Group stated.
“Subscriber activity was further affected by power shortages across Zambia, Zimbabwe, and Malawi, ongoing power and fuel shortages in Nigeria, and civil unrest in Mozambique. As a result of the above trading conditions, active subscribers declined 7% YoY, with Nigeria accounting for over half of this decline.”
Financial Performance Takes a Hit
MultiChoice Group also experienced a notable decline in its financial performance. Revenue for the 2025 financial year fell by ZAR5.2 billion (9% year-on-year) to ZAR50.8 billion, primarily due to an 11% drop in subscription revenue impacted by currency devaluation and declining subscriber numbers.
Trading profit was down 49% year-on-year, falling to ZAR4.0 billion. The company attributed this decline to a ZAR2.3 billion increase in operating losses at its streaming platform Showmax and ZAR5.2 billion in foreign exchange-related revenue losses.
DStv Price Hikes Continue
Amid rising operational costs and inflationary pressures, MultiChoice Nigeria implemented three price hikes for its DStv and GOtv services within a 12-month span. Increases were introduced in April 2023, November 2023, and again in May 2024.
The sustained decline in subscriber numbers raises questions about whether the company will continue with its pricing strategy, which has faced mounting criticism from consumers.