MultiChoice Nigeria subscription revenue plunged 44 per cent amid inflation, forex losses, and subscriber exits, exposing economic strain and digital disruption

[dropcap]M[/dropcap]ultiChoice Nigeria subscription revenue fell by 44 per cent to $197.74 million in the financial year ending March 2025, reflecting the severe economic downturn gripping the country.

Also read: MultiChoice loses legal battle against FCCPC’s attempt to halt price increase

This sharp drop, compared to $355.93 million the year before, stems from rising inflation and deepening consumer hardship, which have triggered a mass exit of subscribers.

The pay television provider revealed in its latest financial report that Nigeria alone accounted for 77 per cent of the 1.8 million subscribers lost across its Rest of Africa segment. Countries such as Kenya, Zambia, and Angola also form part of that region.

In Nigeria specifically, MultiChoice lost 1.4 million subscribers since March 2023. Between April and September 2024 alone, the company saw 243,000 Nigerian subscribers disappear, as consumer conditions worsened.

In April 2025, inflation in Nigeria stood at 23.71 per cent according to the National Bureau of Statistics. This economic pressure was compounded by currency devaluation.

The naira depreciated by 44 per cent against the US dollar over the same period, adding a further layer of financial strain for the company.

MultiChoice disclosed it incurred foreign exchange losses amounting to $158.19 million. From Nigeria, it managed to remit just $133 million at an average exchange rate of ₦1,589 to the dollar, a sharp contrast from $184 million remitted at ₦1,044 to the dollar in the previous year.

“Nigeria’s economic challenges had a significant impact on our Rest of Africa operations, contributing to a 23 per cent drop in RoA subscription revenue to $779.66 million,” said Calvo Mawela, Chief Executive Officer of the MultiChoice Group.

The group’s total subscription revenue, including South Africa, dropped by 11 per cent year-on-year to $2.27 billion.

Overall revenue fell nine per cent to $2.87 billion, while operating profit dropped by 34 per cent to $263.50 million. Trading profit fell nearly 50 per cent to $228.14 million.

Despite this downturn, MultiChoice reported notable growth in its digital and streaming services. While its linear subscriber base declined by 2.8 million over two years, DStv Internet revenue rose 85 per cent.

KingMakers saw 76 per cent growth in constant currency, DStv Stream gained 48 per cent, and Showmax recorded a 44 per cent year-on-year increase in active paying users.

“Our strategy is shaped by developments in our industry, such as changes in technology which are driving shifts in consumer behaviour, as well as the impact of a rise in piracy, streaming services, and social media,” Mawela added.

Though the figures paint a stark picture, MultiChoice’s pivot to digital platforms suggests a path forward.

Also read: FCCPC summons MultiChoice Nigeria over planned subscription price hike

The firm is betting on disciplined execution, cost management, and investment in long-term growth to navigate the prevailing economic storm and reposition itself for future resilience.