DStv-owner feeling the pain in South Africa

DStv subscriptions continue to plummet in South Africa, with this translating into a decline in revenue for MultiChoice across the continent. 

The decline in South Africa was severe enough to offset positive momentum in other African countries, which continue to show strong growth. 

Declining subscription revenue from South Africa effectively eliminated revenue growth for MultiChoice in the nine months to 30 September 2026. 

This was revealed by the firm’s new owner, Canal+, in its trading update for the nine months and quarter ended 30 September 2026. 

The topline figures are positive for Canal+, with the financial performance of the company boosted by the acquisition of MultiChoice. 

This acquisition boosted group revenue by 37.5% year-on-year and puts the company on track to deliver its 2026 guidance. 

“We delivered a solid performance in the first nine months of the year as we continued to execute our strategy,” Canal+ CEO Maxime Saada said. 

“Revenue was in line with our expectations, supported by strong momentum in French-speaking Africa and at STUDIOCANAL.”

This strong performance is largely due to the integration of MultiChoice into Canal+, with Africa and Asia revenue up 209.1% year-on-year to €2.6 billion (R48 billion). 

However, stripping out the integration boost, revenue in Africa and Asia was up 3.1% year-on-year. On a like-for-like basis, it was up 0.7%. 

Saada said the company is making strong progress in turning around MultiChoice, with the launch of a new,s simplified value proposition in South Africa being key to this strategy. 

This proposition, Saada said, provides subscribers with more content, greater choice, and better value for the same price. 

The rollout of the proposition will be expanded across English- and Portuguese-speaking Africa in the coming months. 

Canal+’s positivity about the new offering has yet to translate into the financial figures of the business, with its quarterly trading update showing that MultiChoice is feeling the pain. 

Africa and Asia revenue for the three months ended 30 September was up 6.9% year-on-year. On a like-for-like basis, revenue was down 0.1%. 

Canal+ admitted that MultiChoice remains a laggard, with the company’s revenue declining slightly year on year. 

MultiChoice Group revenue increased 0.4% on a restated basis, notably benefiting from a material positive currency effect. 

On a like-for-like basis, revenue decreased 3%, driven by lower subscription revenue in South Africa, partially offset by higher revenue in most other English-speaking countries. 

In the quarter, like-for-like revenue declined to 2% year-on-year, from 3.4% in the first half of 2026, partly reflecting favourable comparison effects related to the sporting events line-up.

In French-speaking Africa, like-for-like revenue performed well, reflecting subscriber growth supported by a compelling line-up and improved distribution efficiency, Canal+ said.

The company said it remains on track to achieve its 2026 synergies target and full-year guidance. Its medium-term guidance also remains unchanged. 

Canal+ expects a €250 million (R4.6 billion) earnings boost from synergies with MultiChoice and a €220 million (R4 billion) boost to free cash flow.