MultiChoice has made a strong financial comeback, reporting a $108 million (R2.02 billion) profit for the year ending March 31, 2025. This is a major turnaround from the $135 million (R2.52 billion) loss it recorded the previous year.
The improvement was largely driven by the sale of a 60% stake in its insurance business to Sanlam, which gave the company a significant financial lift.
According to TechEconomy, the group’s total revenue dropped by 9% to R49.98 billion ($2.67 billion), down from R55 billion ($2.94 billion) the year before. This drop was mainly caused by lower subscription revenue, currency pressures, and a shrinking customer base.
Revenue in South Africa saw a small increase to R41.73 billion ($2.23 billion), but operations in other African countries and the performance of Showmax pulled the overall numbers down.
Showmax added 44% more subscribers following its relaunch as “Showmax 2.0” in partnership with NBCUniversal.
However, the growth came with rising costs. Showmax’s trading losses nearly doubled to R4.95 billion ($265 million). MultiChoice said part of the revenue dip was due to cutting back its Pro and Diaspora services, adding that the core platform’s revenue actually grew by 5%.
“We expect technology costs to reduce moving forward, which should help bring the platform closer to profitability,” MultiChoice said.
Article updated 10 hours ago. Content is written and modified by multiple authors.
