Following its landmark acquisition of MultiChoice Group, French media giant Canal+ is exploring a major shift in how African viewers access content. The company is considering deploying its all-in-one streaming application to MultiChoice’s vast customer base in Southern and Eastern Africa, potentially bringing global partnerships with Apple TV+ and HBO Max under a single interface.
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The core of the Canal+ value proposition is its “Super App” approach. Unlike traditional platforms that require users to toggle between different services, Canal+ embeds partner content directly within its own ecosystem.
- Integrated Experience: “As a user, you do not have to go on another app,” explained CFO Amandine Ferre.
- Showmax Uncertainty: While the $3 billion deal has given Canal+ control of MultiChoice, a final decision has not yet been made regarding the future of Showmax (currently a joint venture with Comcast).
- Market Expansion: The move would bridge the gap between Canal+’s existing stronghold in Francophone West Africa and MultiChoice’s dominance in South Africa, Nigeria, and Ghana.
The announcement sparked immediate investor confidence, with Canal+ shares surging 15% to record highs in London. The company’s long-term roadmap is ambitious:
- Savings: Canal+ expects to extract approximately €300 million in free cash flow cost savings by 2030.
- Profitability: The combined entity is projected to deliver over €400 million in EBITA within the same timeframe.
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A primary focus for the new management is stopping the bleeding at MultiChoice, which has lost nearly 3 million subscribers over the last two years. The strategy to win them back includes:
- Lowering Barriers to Entry: Since November, Canal+ has introduced cheaper set-top boxes and renegotiated hardware contracts to lower the “entry ticket” for new users.
- Sporting Content Revamp: The group has already bolstered its SuperSport offering by bringing back NBA content after an eight-year hiatus and adding French Ligue 1 football matches.
MultiChoice has come a long way since its inception by Cape Town-based Naspers. After being spun off in 2019, the broadcaster became a prime takeover target for Canal+, which finalized its move in 2024. As it integrates with the French firm, the goal is to modernize a service where premium packages currently cost roughly $60 a month—a price point the new owners are working to make more competitive.
