Our business overview
Enriching lives by creating "a world of more"
Our platform business
Already Africa's leading entertainment platform
We create and license exceptional local and international content, which we deliver to our viewers anytime, anywhere and on any device through world-class direct-to-home (DTH) satellite broadcast, digital terrestrial television (DTT) broadcast and over-the-top (OTT) video entertainment streaming services.
We offer programming in 45 languages(2) and provide access to the best in local, sport and international content. Our offering expands beyond traditional linear video to online and mobile streaming services, proprietary connected devices and a curated selection of aggregated third-party services. It also includes sports betting, an interactive entertainment service adjacent to our core video offering, and technology that provides media security and digital platform security services.
(1)
Active subscribers.
(2)
Relates to all languages broadcast on our platforms, including international and free-to-air (FTA) channels
'Africa's most loved storyteller'
of local content produced this year
(FY24: 6 502)
local content library
(FY24: 84 871)
'World of Champions'
live sports broadcasting hours
(FY24: 44 886)
own productions broadcast this year
(FY24: 992)
'A gateway to global entertainment'
distribution partnerships with leading international third-party video on demand operators
(FY24: 4)
linear channels offering compelling international content from multiple providers
(FY24: 100)
Building Africa’s leading consumer services ecosystem
We are a trusted brand and a platform of choice for millions of African households. With 14.5m (FY24: 15.7m) households actively subscribing to our linear video entertainment services at year-end, we reach up to 93m people(3) across 50 countries. Understanding Africa, its people and their challenges is our strength. While we continue to grow our core video entertainment business, we are also leveraging our scale and distribution to build an ecosystem of scalable, technology-based consumer services that will further enrich the lives of our customers. Besides interactive entertainment, this includes fintech (i.e. insurance and an investment in Africa’s broadest payments network) and FLTE Internet services in South Africa. We are pursuing these opportunities organically, through partnerships, and/or through investments. Our objective is to create a better experience and an improved value proposition for our customers while also creating long-term value for shareholders.
(3) Based on 18.6m active subscribers measured over a 90-day period and an average of around five people per household per our internal calculations using country household surveys and census information.
We are a multinational group with a home in Africa
South Africa
Established in 1985
As the leading video entertainment platform in South Africa, MultiChoice provides its subscribers with access to world-class local and international content through our linear video broadcast service DStv (DTH), our linear OTT service (DStv Stream), and aggregated third-party streaming offerings. Our services include a growing portfolio of connected devices and various technology-based consumer services. Through DStv Media Sales we offer advertising services across our platforms and footprint on the continent. We have seen strong traction in our Insurance and Internet businesses in recent years which will continue to be a focus in the future.
65% of group revenue (FY24: 60%)
ZAR9.4bn trading profit (FY24: ZAR8.8bn)
7.0m subscribers(1) (FY24: 7.6m)
Rest of Africa
Established in 1992
With a diversified presence across geographies, services and consumer segments, we offer world-class local, sport and international content to customers across 49 markets in sub-Saharan Africa and adjacent islands primarily through our linear broadcast services, DStv (DTH) and GOtv (DTT)(2), and our linear OTT services (DStv Stream and GOtv Stream).
30% of group revenue (FY24: 35%)
ZAR0.8bn trading loss (FY24: ZAR1.3bn trading profit)
7.5m subscribers(1) (FY24: 8.1m)
(1) Active subscribers.
(2) DTT services are available in eight Rest of Africa markets, with no current plans to expand country presence.
Showmax
Established in 2023
Launched in 2014; partnership with Comcast
Showmax is a streaming platform offering a standalone subscription video on demand (SVOD) service in 44 markets across Africa. In partnership with Comcast (30% holding) the service was re-launched in February 2024 with new branding, packages and pricing plans, and enhanced UI/UX through the world-class Peacock platform. The Showmax service is bundled as a free value-added service for our Premium subscribers and is offered at discounted pricing for our other DStv subscribers.
27% decline in paying subscriber revenues in FY25
88% growth in trading loss in FY25
44% growth in paying subscribers in FY25
Technology (Irdeto)
Established in 1969
Wholly owned Irdeto is the world leader in digital platform cybersecurity, empowering businesses to innovate for a secure, connected future. Building on over 50 years of expertise in security, Irdeto’s services and solutions protect revenue, enable growth and fight cybercrime in video entertainment, video games, and connected transport.
Irdeto serves some of the world’s leading video entertainment, mobile and connected industry service providers. Within the Group, Irdeto also leads the fight against piracy, which is a key leverage point to improve future performance.
4% of group revenue (FY24: 3%)
ZAR0.3bn trading profit (FY24: ZAR0.4bn)
357 customers (FY24: 419)
KingMakers
Established in 2018
A leading interactive entertainment platform focused on sub-Saharan Africa. Its agency and online operations in Nigeria offer sports betting, virtual gaming and casino games (together referred to as igaming) under the BetKing brand, while it recently expanded into South Africa as an online gaming business under the SuperSportBet brand.
KingMakers is equity accounted, and we hold a 49% ownership stake
USD106m revenues (FY24: USD147m)
USD34m loss after tax as business invests behind growth (FY24: USD40m)
NMS Insurance Services
Established in 2005
NMS Insurance Services (NMSIS) is a microinsurer, licensed to underwrite both nonlife and life insurance products and has been operating for over 20 years, primarily focusing on DStv-related insurance, including device, installation, funeral, subscription waiver, and debt waiver products.
Post the sale of 60% to Sanlam in November 2024, NMSIS’ earnings is equity accounted
ZAR1.1bn revenues (FY24: USD1.0bn)
ZAR425m trading profit (FY24: ZAR377m)
Moment
Established in 2022
Moment is a fintech company established as a joint venture between MultiChoice Group, Rapyd and venture capital investors like General Catalyst. It is a pan-African payments network that connects African business to each other and to the world. Moment processes payments for both our Showmax and DStv business, as well as other third-party merchants across the continent.
Moment is equity accounted (not consolidated) and we hold a 28.5% stake
USD635m total payment volumes
Leveraging MultiChoice Group’s 200+ payment partner integrations across 40+ markets(3)
(1)
Active subscribers.
(2)
DTT services are available in eight Rest of Africa markets, with no current plans to expand country presence.
(3)
Processed on behalf of the MultiChoice Group (Showmax, DStv and GOtv).