Material matters
Materiality is the threshold at which sustainability topics become sufficiently important that they should be reported. We are guided by the below process when determining our material matters:
Using a risk-based approach, we identify matters that are potentially material
We reflect on the following:
We interrogate the matters we have identified to prioritise the material ones
We prioritise material matters based on their ability, potential or likelihood to meaningfully affect value creation, preservation or erosion through their impact on our business, our key stakeholders, our capitals and our internal and external operating environment. We consider both positive and negative matters including a determination of what is material for our various our stakeholders.
We review, address and report on our material matters
The material matters identified are also issues on our board and or committee agendas. These matters are methodically discussed and addressed.
Our material matters were as follows:
Customer satisfaction
(perpetual material matter)
Our customers are always our primary focus.
Delivering value to our customers is critical to our ongoing business success. To ensure we achieve this, we focus on developing, introducing and improving relevant products and services, while designing excellent customer service experiences to support our offerings.
Optimising the elements that support customer acquisition and retention is a key driver of our operating performance, given our largely fixed-cost business. We also need to accommodate exogenous pressures such as tightening consumer spend, rising unemployment and loadshedding in our core South African market.
- Economy
- Disruption and competition
- Securing content
- Large and growing addressable core market
- Rapidly developing SVOD market
- Sizeable and engaged customer base
- Deep understanding of our customers' video needs
- Unique understanding of customer experience




Regulatory environment
(perpetual material matter)
Regulations underpin market structure and protect consumers, but need to be well considered and applied to all players consistently.
The industries in which we operate are highly regulated, with regulations varying across our markets. Material changes in regulations may require us to adapt our business model and may impact our customer value proposition. The overall regulatory environment in the countries we operate in can also constrain economic activity if unnecessarily stringent and burdensome or may not sufficiently support economic activity if personal, property and contractual rights are not sufficiently protected.
Our approach to regulation remains proactive as we engage with regulators constructively through our dedicated teams. This ensures we keep abreast of all developments, while providing input that promotes a balanced and evidence-based regulatory environment.
- Regulatory and licensing
- None
- None

Evolution of our industries
(perpetual material matter)
The sectors that we operate in (including video entertainment, cybersecurity, interactive entertainment and fin-tech) undergo perpetual change, requiring us to review and adapt accordingly.
The global video entertainment industry continues to evolve as new technologies and business models provide differentiated and disruptive offerings. This presents both a risk of increased competition for subscribers and content, and an opportunity to scale or adapt our business model, e.g. through our OTT offerings.
The same principle applies to our Technology business, Irdeto, and new investees like KingMakers. This principle has also partially informed our strategy to develop our platform beyond pure video entertainment.
- Disruption and competition
- Securing content
- Technology
- Rapidly developing SVOD market
- Sizeable and engaged subscriber base
- Ability to pursue relevant strategic investments and partnerships






Executing our current priorities
(short to medium-term material matter)
We operate in a complex environment requiring focused strategic execution and capital allocation.
South Africa: Our focus is to retain the top-end, stabilise the mid market and drive growth in OTT and the mass market, sustain free cash flow generation, and expand our platform beyond video.
Rest of Africa: Our next aim is to return this segment to sustainable free cash flow generation and self-funding through further scale, pricing and cost controls, while navigating macro challenges such as foreign exchange headwinds.
Rest of group: Irdeto's focus is to sustain its media security business and expand connected industries.
The group is also expanding its ecosystem by investing in new or existing verticals organically, as well as through partnerships and acquisitions such as our KingMakers investment, our AURA and Namola acquisitions, and the recently announced Showmax and Moment equity joint ventures.
- Economy
- Securing content
- Unique understanding of customer experience
- Sizeable and engaged customer base
- Core focus on Rest of Africa's free cash flow breakeven
- Rapidly developing SVOD market
- Ability to pursue relevant strategic investments and partnerships
- Nascent growth opportunity in interactive entertainment
- Nascent growth opportunity in fin-tech




Attracting and retaining talent
(perpetual material matter)
Our people are fundamental to our ongoing success.
Attracting and retaining the right people to achieve our goals is a key aspect of our strategic thinking. We are passionate about creating a workplace where people are engaged and inspired to create the best solutions for our customers.
Key focus areas include growing diverse, representative talent in critical areas of differentiation (such as content, engineering and data science) and developing succession plans for critical areas to ensure growth and continuity.
- Talent and skills scarcity
- All







Developing local entertainment industries and African entrepreneurs
(short to medium-term material matter)
Supporting and uplifting the entertainment industries across our footprint, and supporting African entrepreneurs, benefits all of our stakeholders.
Our investment in local entertainment content creates jobs across the spectrum of the creative industries and provides a platform for homegrown talent to shine. Our investment in local sports supports sports bodies, enabling them to generate sustainable income streams and continue developing their codes and talent.
We have also expanded the remit of the MultiChoice Innovation Fund to support the many budding entrepreneurs beyond South Africa's borders.
As a responsible corporate citizen, we also aim to make a contribution beyond just our business. We believe in strategic CSI and our initiatives are aimed at promoting sport and content production across sub-Saharan Africa, while positively addressing issues such as health, education and empowerment.
- Economy
- Securing content
- Disruption and competition
- Deep understanding of our customers' video needs


