Our investment case

Since launching our first traditional linear pay-TV service in 1985, we have provided a window into the world for our viewers and created, developed and shared their stories. From our first linear broadcast 38 years ago, MultiChoice now reaches 23.5m subscribers across multiple platforms with numerous products and services. These include initiatives like SuperSport Schools as we continue expanding our audiences and community reach.

To cater for the changing needs of our customers, we launched one of the first and most successful African streaming services eight years ago. With African broadband connectivity and affordability approaching an inflection point, we have joined forces with Comcast – a global partner who appreciates our legacy, reach and scale – to step up our ambitions in the streaming space.

Our technology business, Irdeto, has been around for even longer than our video operations, solving security problems for its clients for the past 53 years.

Sub-Saharan Africa is home to almost 1.2bn people⁽¹⁾ and we have an unrivalled footprint across 50 markets. An increase in electrification, connectivity and digital banking, as well as a rise in discretionary consumer spend due to a growing, urbanising middle class represents a compelling addressable market for a company like us that offers discretionary consumer services.

In traditional video entertainment alone, we estimate the opportunity at 61m households by 2028. We believe the other adjacent verticals we have identified, including streaming, interactive entertainment and fin-tech, could represent equivalent or even larger addressable markets for our group.

(1)  Per the United Nations Population Division – World Population Prospects 2022 (2022 value reflected).

We understand our subscribers and their evolving entertainment needs. We create, acquire, licence, curate, aggregate and package a unique mix of programming to deliver the best in local and international general entertainment and sports content ‘anywhere, anytime’.

Our streaming joint venture will enable us to scale even faster and produce more local content than before. This will allow us to remain more than competitive with global media and technology giants as they expand in our markets.

Our next generation connected devices allow us to offer our customers access to third-party SVOD services in addition to our own exceptional line-up.

To accommodate expanding consumer appetite, we have broadened our offering by moving beyond video entertainment into services such as sports betting (via KingMakers).

We are expanding beyond entertainment by leveraging our scale and reach, trusted brand, technology, unique consumer insights, deep local knowledge and unmatched experience on the continent. We aim to address our customers’ desire for innovative solutions to their needs where we believe we have a compelling opportunity to add value and where the business model is underpinned by technology.

We have identified select areas of opportunity to address through organic initiatives (e.g. our DStv Insurance Business), through strategic partnerships (e.g. the joint venture with Moment) and/or through investment in underlying businesses (e.g. our Namola acquisition).

We have a management team with deep operational expertise, established brands, a large and growing subscriber base and a unique operating presence that supports our strategic ambitions. We have complemented this with targeted investments in and partnerships with best-in-class global operators in streaming, sports betting and fin-tech.

We have a disciplined approach to capital allocation and prioritise long-term value creation for our shareholders. This is underpinned by a healthy balance sheet, which is the result of strong operational execution, cost discipline and robust free cash flow generation.