MultiChoice’s like-for-like revenue declined 3% during the nine months ending September 2026, primarily driven by softer subscription revenue in South Africa. The figures were detailed in a trading update by French media giant Canal+, which now consolidates MultiChoice within its global operations.
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The revenue contraction showed signs of easing in the third quarter, dropping 2% year-on-year compared to a 3.4% fall in the first half of the year. Canal+ attributed the slight recovery to favourable sporting event comparisons, alongside revenue growth across MultiChoice’s other English-speaking African markets.
On a reported basis, MultiChoice’s revenue edged up 0.4% to €1.81 billion (approx. R34.4 billion), supported by favourable currency movements. Subscriber numbers across Africa and Asia normalized during Q3 following an earlier boost from the FIFA World Cup.
To stem domestic losses, MultiChoice initiated a major operational overhaul in mid-September, revamping its South African product tiering:
- Package Restructuring: The legacy Access, Family, and Compact tiers were replaced by Starter, Select, and Sports packages, alongside a new Movies & Series tier positioned below Premium.
- Continental Rollout: Canal+ plans to expand these simplified value packages across English- and Portuguese-speaking African markets in coming months.
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Overall, Canal+ group revenue expanded 37.5% to €6.41 billion (approx. R121.8 billion) due to MultiChoice’s consolidation, though like-for-like group revenue remained flat (-0.3%). Group CEO Maxime Saada confirmed the company remains on track to deliver €250 million (approx. R4.75 billion) in operational synergies this year.
The report also underlined the modest financial contribution of streaming platform Showmax prior to its closure at the end of April. Showmax generated €33 million in revenue during the first nine months of 2025, including €10 million in Q3 2025, against a full-year trading loss of R4.9 billion reported by MultiChoice for the year ending March 2025.
