MultiChoice results in a nutshell


DStv-owner MultiChoice reported a massive loss for the financial year ended 31 March 2023, despite revenue growth.

MultiChoice’s 2022 profit declined by more than 200%  in the previous financial year, swinging from a R2.8 billion profit to a R2.9 billion loss.

The group added 1.7 million 90-day active subscribers, representing 8% year-on-year growth, to close the year on 23.5 million subscribers.

The 90-day subscriber base comprised 14.2 million households (60%) in the Rest of Africa (RoA) and 9.3 million households (40%) in South Africa.

The company’s South Africa segment struggled in the past financial year, with a decline in revenue, trading profit, and monthly average revenue per user (ARPU) for its pay-television offering.

MultiChoice ascribed the decrease in ARPU to its changing mix of subscribers and the lower level of subscriber activity.

While this segment remains its largest by revenue, MultiChoice’s Rest of Africa operations grew significantly in the past financial year.

Revenue from the Rest of Africa segment grew to reach R22.9 billion. The segment also saw an increase in trading profit and subscription fees.

MultiChoice said the revenue represented a 26% year-on-year increase YoY (16% organic) and benefited from the translation of the Rest of Africa US dollar revenues into the South African rand.

MultiChoice CEO Calvo Mawela said the company benefited from a strong performance in the Rest of Africa, that delivered a trading profit for the first time since our listing in 2019.

Users of the DStv app and Showmax services continued to grow as online consumption increased, supported by rising broadband connectivity and more affordable pricing.

The online user base increased by 12% year-on-year, with a 26% growth rate for paying Showmax subscribers.

Showmax Pro, which includes live sport, enjoyed strong growth and doubled its subscriber base in the last financial year.

MultiChoice results summary

MeasureMarch 2022March 2023Percentage change
RevenueR55,240 million R59,141 million+7%
Profit/loss for the year R2,884 million-R2,920 million– 201%
South Africa:
RevenueR43,365 millionR41,957 million-3.25%
Trading profitR11,032 millionR8,483 million-23.11%
Subscription feesR28,956 millionR28,133 million-2.84%
Rest of Africa:
RevenueR18,280 millionR22,945 million+25.52%
Trading profit-R1,213 millionR898 million+174.03%
Subscription feesR16,468 millionR20,522 million+24.62%
South Africa:
Monthly average revenue per user
Rest of Africa:
90-day average revenue per user