As the merger with the CANAL+ Group moves forward, the MULTICHOICE audiovisual group has published its results for the financial year ending March 31, 2024.
Against a backdrop of high inflation and a difficult economic environment, Multichoice saw its total number of active subscribers decline by 9%.
The decline is particularly sharp outside South Africa: a 5% drop in South Africa and a 13% drop in the rest of Africa, with Nigeria, Angola, and Zambia being the most affected countries.
Despite slight organic growth, the Group's revenue decreased by 5% to ZAR 56.0 billion due to weak currencies. Similarly, subscription revenue grew by 2% organically but decreased by 7% due to weak exchange rates.
The group successfully launched Showmax 2.0, the streaming platform launched in February 2023 with COMCAST, which generated $53 million in revenue, up 22% from the previous fiscal year. SuperSportBet and Moment are generating revenue and supporting the group's future growth prospects.
"Four years after defining a clear strategy to create Africa's entertainment platform of choice and invest in services to support a broader ecosystem, our three core segments are now fully operational: video entertainment, interactive entertainment, and fintech. Our goal now is to build on these solid foundations to drive growth in these new areas and further improve commercial efficiency across our operations," said Calvo Mawela, CEO of MultiChoice Group.