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 7 hours ago. Content is written and modified by multiple authors.
