Multichoice Nigeria loses 1.4m subscribers in two years amid price hikes
Blueprint
African pay-TV giant, Multichoice Group, has disclosed that its Nigerian operations lost 1.4 million subscribers between 2023 and 2025, accounting for 77 per cent of the total losses recorded across its Rest of Africa (RoA) markets.
This revelation was made in the Group’s audited financial results for the year ending March 31, 2025, released recently.
According to the report, while Multichoice Nigeria raised its DStv and GOtv subscription prices three times within the two-year period, macroeconomic and structural issues played a significant role in the customer exodus.
The report attributed the massive subscriber drop to a mix of high inflation, power shortages, fuel scarcity, and broader economic instability across the country. The Group noted that these conditions severely hampered consumer spending and service access.
“Inflation across key markets remained high — above 30% in Nigeria and Angola — creating pressure on customer spending. Subscriber activity was further affected by power shortages in Nigeria, Zambia, Zimbabwe, and Malawi, and civil unrest in Mozambique,” the company stated.
Overall, Multichoice’s Rest of Africa segment shed 1.8 million subscribers in two years, shrinking from 9.3 million in 2023 to 7.5 million in 2025. Nigeria alone was responsible for more than half of the year-on-year decline.
The company noted that the biggest loss occurred in the 2024 financial year, with 1.2 million subscribers exiting, reflecting a 13 per cent drop from the previous year.
The decline slowed slightly in 2025, with a 7 per cent drop, or 600,000 fewer subscribers.
Revenue dropped by ZAR5.2 billion (9 per cent) year-on-year to ZAR50.8 billion, largely due to a fall in subscription revenue.
Trading profit fell by 49 per cent to ZAR4.0 billion, a ZAR3.8 billion decrease compared to the previous year.
The decline was compounded by ZAR2.3 billion in trading losses from Showmax and ZAR5.2 billion in foreign currency revenue losses.
Multichoice acknowledged that macroeconomic volatility, piracy, the rise of social media, and growing competition from streaming platforms have further strained its traditional business model across sub-Saharan Africa.
In response to rising operational costs, Multichoice Nigeria raised its prices three times in 12 months — in April 2023, November 2023, and May 2024. However, these price hikes appear to have backfired, contributing to the steep loss in customer numbers.
Despite the revenue pressures, the company has not indicated whether another price increase is imminent.
While its pricing strategy has helped offset some currency losses, the long-term viability of frequent hikes in a strained economy is under question.
The Group reaffirmed its commitment to navigating the evolving media landscape and pledged to continue engaging with customers and regulators across its markets.
