MultiChoice Revenue Decline 2026: Why DStv’s Old Empire Is Under Pressure

MultiChoice’s 2026 revenue decline is more than a disappointing quarterly update. It is a signal that one of Africa’s most powerful pay-TV businesses is being forced into a new era, where satellite television, annual price increases, and once-loyal DStv subscribers can no longer be taken for granted.

After years of pressure from streaming platforms, piracy, economic hardship, and changing viewing habits, MultiChoice now finds itself under new ownership and new management. Canal+, which acquired MultiChoice at the end of 2025, has inherited a business still rich in brand recognition and sports rights, but increasingly exposed to a market that is moving away from traditional pay-TV.

The latest numbers show the scale of the challenge. In a trading update released on 28 April 2026, Canal+ reported that MultiChoice revenue fell from 657 million euros, or R12.7 billion, in Q1 2025 to 617 million euros, or R11.9 billion, in Q1 2026. The decline was linked mainly to weaker non-subscription revenue, including reduced content sales, lower insurance commissions, and higher equipment subsidies aimed at attracting new customers.

A Revenue Decline With Deeper Meaning

At first glance, the decline from 657 million euros to 617 million euros may appear like a routine corporate setback. But in the context of MultiChoice’s broader trajectory, it points to something more structural.

Canal+ said: “MultiChoice Group revenue decreased, driven by lower non-subscription revenue.” It also noted: “Advertising revenue benefited from the SA20 cricket and AFCON tournaments. Subscription revenue was almost flat on a constant currency basis.”

That distinction matters. Subscription revenue being almost flat suggests DStv still has a sizeable paying base. However, the pressure on non-subscription revenue shows that the wider ecosystem around the business is weakening. Content sales, insurance commissions, decoder subsidies, and advertising cycles all form part of the pay-TV economic model. When those pieces begin to soften, the company has less room to absorb subscriber losses or fund future growth.

Advertising offered a temporary lift because of major sporting events such as SA20 cricket and AFCON. But sports-driven advertising spikes are seasonal. They cannot, on their own, reverse a long-term audience migration away from satellite television.

South Africans Are Cutting the Cord

The most important story behind the MultiChoice revenue decline in 2026 is the continued fall in DStv subscribers.

MultiChoice’s integrated annual report for the year ended 31 March 2025 showed that South African DStv subscribers declined by 589,000 during the financial year, representing an 8% drop in the overall base. The company’s local subscriber base fell from 8.18 million in 2021 to 7.02 million in 2025, with declines recorded each year across that period.

The decline was not limited to one customer segment. It affected every major DStv tier.

DStv Premium, including Compact Plus, declined by 96,000 subscribers, a 9% year-on-year drop. MultiChoice said: “We continue to see a decline in this base driven by customer affordability and competition from third-party streaming services.”

The middle-market segment declined by 99,000 subscribers, or 5%, with the DStv Compact base especially exposed to affordability pressures and high levels of consumer indebtedness. The mass-market tier fell by 394,000 subscribers, also a 9% decline, as Access customers were hit by load shedding, inflation, and high unemployment.

This broad-based decline is significant because it shows that the problem is not just wealthy households replacing DStv Premium with Netflix. It is also mid-market and lower-income households reconsidering whether pay-TV remains affordable or necessary.

The Streaming Shift Has Become Impossible to Ignore

For years, DStv’s strongest advantage was its position as the default entertainment platform for many South African households. It offered sport, international channels, local productions, movies, children’s programming, and news in one place.

That dominance began to weaken as broadband improved and global streaming platforms became more accessible. Netflix’s official South African launch in January 2016 gave viewers access to movies and series at a fraction of the price of a DStv subscription. As uncapped fibre and 5G spread, the streaming option became more practical for a wider group of consumers.

The challenge for MultiChoice is not only Netflix. YouTube provides free entertainment at scale. Pirated content has also grown as broadband access becomes faster and cheaper. Canal+’s reporting pointed to the broader decline of satellite pay-TV, driven by lower-cost streaming services, economic constraints, broadband expansion, and piracy.

That combination places DStv in a difficult position. Its traditional model depends on persuading households to pay regularly for curated packages. But consumers now have more choice, more flexibility, and more free or low-cost alternatives.

The Price Increase Era Has Hit a Wall

One of the most striking changes under Canal+ is the suspension of MultiChoice’s historic annual price increases in South Africa.

For years, DStv could raise prices annually while maintaining a strong subscriber base. That worked when competition was limited and premium content was harder to access elsewhere. But as streaming alternatives grew, annual increases became harder to justify for many households.

Canal+ has now moved away from that old pricing rhythm. To slow subscriber decline, MultiChoice has suspended its historic annual price-increase policy in South Africa and increased subsidies for new customers.

This is a defensive move, but also a revealing one. It suggests the company recognizes that affordability has become central to retention. A business that once relied on pricing power must now compete more aggressively on value.

Showmax: From Growth Engine to Closed Chapter

The most dramatic strategic reversal is the end of Showmax as a standalone platform.

Showmax had once been positioned as a major part of MultiChoice’s future. Former MultiChoice CEO Calvo Mawela’s strategy placed significant emphasis on building a streaming business that could offset the decline in DStv. MultiChoice had aimed to grow Showmax into a major African streaming platform and generate $1 billion, around R18.2 billion at the time, in revenue from the service.

The results did not match the ambition. In the 2025 financial year, Showmax reported trading losses of R4.9 billion, up from R2.6 billion the previous year. Paying subscriber revenues declined, and trading losses rose by 88%.

Canal+ discontinued Showmax on 30 April 2026. Its content was moved to DStv Stream, and existing Showmax subscribers were migrated accordingly.

Groupe Canal+ chief executive Maxime Saada described Showmax as an expensive commercial failure, saying: “As you know, this was a severely loss-making activity on which we saw no recovery, no matter what was done.”

The decision marks a major pivot. Instead of running separate digital brands and absorbing heavy streaming losses, Canal+ appears to be consolidating MultiChoice’s digital offering into a leaner structure built around DStv Stream.

Canal+ Takes Control With a Turnaround Plan

The Canal+ era has brought a sharper restructuring agenda.

Former MultiChoice CEO Calvo Mawela had previously said the company had shown perseverance during turbulent times. “We have made critical strides in optimising our operation and rethinking some elements of our strategy,” he said.

Canal+ has moved beyond that approach. Its latest reporting says: “The first initiatives of the MultiChoice turnaround plan have been launched, including strengthening the commercial engine and recruiting new sales teams.”

Maxime Saada said the integration of MultiChoice was progressing well, with top management appointed and in place. “The boost plan has been launched, commercial operations are being strengthened, and recruiting new sales personnel to expand distribution has begun,” he said.

The plan has several visible parts: stronger sales recruitment, increased customer subsidies, no annual price increases in South Africa, Showmax consolidation, and a Voluntary Severance Plan to reduce headcount. Together, these moves point to a company trying to reduce costs while rebuilding its commercial momentum.

Why the Decline Matters Beyond MultiChoice

MultiChoice’s struggles reflect a broader change in African media consumption.

For consumers, the shift means more choice, but also fragmentation. Instead of paying one provider for everything, viewers increasingly assemble their own entertainment mix from streaming apps, YouTube, social media, free platforms, and sometimes piracy. That can be cheaper, but it can also make access to premium sport, local productions, and live events more complicated.

For broadcasters and content producers, the decline of satellite pay-TV raises questions about funding. DStv and MultiChoice have historically played an important role in supporting local entertainment, sports broadcasting, and African storytelling. If the old subscription model weakens, the industry must find new ways to fund premium content.

For Canal+, the challenge is strategic. It must protect the value of MultiChoice’s existing assets while accepting that the market has changed. The goal is no longer simply to defend satellite television. It is to convert MultiChoice into a more flexible entertainment business that can compete in a streaming-first environment.

The Road Ahead: Can DStv Stream Replace the Old DStv?

The central question now is whether DStv Stream can become strong enough to offset the decline of traditional DStv subscriptions.

The shutdown of Showmax suggests Canal+ wants fewer overlapping platforms and a clearer digital path. But DStv Stream will still face the same competitive pressures that made Showmax difficult: global streaming giants, free video platforms, piracy, consumer affordability issues, and rising expectations for flexible pricing.

The company’s best assets remain powerful. DStv still has brand recognition, sports appeal, local content strength, and an existing subscriber relationship across Africa. But the revenue decline shows that those advantages are no longer enough by themselves.

Canal+ must now prove that MultiChoice can become leaner without losing relevance, more affordable without damaging revenue, and more digital without repeating the costly mistakes of Showmax.

Conclusion: A Defining Moment for MultiChoice

The MultiChoice revenue decline in 2026 is not simply a financial headline. It is a turning point in the evolution of African television.

The fall from 657 million euros to 617 million euros in quarterly revenue, the loss of hundreds of thousands of South African DStv subscribers, the suspension of annual price increases, the shutdown of Showmax, and the launch of Canal+’s turnaround plan all point to the same reality: the old DStv model is under heavy pressure.

MultiChoice is not disappearing. But it is being forced to change faster than at any point in its modern history. Whether Canal+ can turn that pressure into a sustainable streaming-era business will determine whether MultiChoice remains a dominant entertainment force or becomes another legacy broadcaster overtaken by cheaper, faster, and more flexible alternatives.