The South African media landscape is witnessing a seismic shift as MultiChoice, the long-standing titan of satellite television, struggles to maintain its footing. Following its acquisition by Canal+ at the end of 2025, the group’s latest financial updates reveal a challenging reality: revenue is plummeting as South Africans continue to “cut the cord,” favouring global streaming giants like Netflix and YouTube over traditional DStv packages.
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In a trading update released on 28 April 2026, Canal+ reported that MultiChoice’s revenue fell from 657 million euros (R12.7 billion) in Q1 2025 to 617 million euros (R11.9 billion) for the same period in 2026. While subscription revenue remained relatively stable on a constant currency basis, the decline was fuelled by a drop in non-subscription income. This includes reduced commissions on insurance, lower content sales, and heavy subsidies on equipment as the company attempts to lure new subscribers.
Advertising provided a rare silver lining, buoyed by major sporting events like the SA20 cricket and AFCON tournaments. However, these seasonal spikes cannot mask the broader structural decline of the satellite Pay-TV market.
The subscriber data paints a stark picture of a shrinking empire. In the 2025 financial year, MultiChoice lost 589,000 South African subscribers—an 8% decline. Perhaps most concerning is that this exodus is happening across every tier:
- DStv Premium: Down 9% as affluent users pivot to third-party streaming.
- Mid-market (Compact): Down 5% due to high consumer indebtedness.
- Mass-market (Access): Down 9%, battered by inflation and unemployment.
From a peak of 8.18 million subscribers in 2021, the base has withered to 7.02 million by 2025, a trend that appears to be accelerating into 2026.
The era of “perseverance” under former CEO Calvo Mawela has been replaced by a more aggressive turnaround plan led by Canal+. The new management has effectively binned previous strategies in favour of a “boost plan.”
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Maxime Saada, CEO of Canal+, noted that the integration of the two groups is well underway. To stem the bleeding, MultiChoice has taken the unprecedented step of suspending its historic annual price increases in South Africa. Simultaneously, they have increased hardware subsidies to lower the barrier for new entrants.
In one of the most significant pivots, Canal+ discontinued Showmax on 30 April 2026. Once touted as the crown jewel of MultiChoice’s future growth, the platform’s content has been folded into DStv Stream, with existing subscribers migrated accordingly. This consolidation suggests a desire for a leaner, more integrated digital offering.
To further stabilize the balance sheet, Canal+ is implementing a Voluntary Severance Plan to reduce headcount. As the company moves away from the traditional satellite model toward a streaming-first future, the focus is now on aggressive commercial recruitment and a radical overhaul of the “commercial engine.” Whether these measures can outpace the growth of piracy and low-cost broadband competitors remains the defining question for the new owners.
