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Subscription Fee Issues Take Toll on Multichoice Results

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The latest performance report of Multichoice, where it posted losses for the second time may be an eye opener that the company at the centre of a storm in Nigeria over the controversial review of subscription fees is indeed under serious pressure caused by the crisis in the foreign exchange market and other operating challenges, writes Festus Akanbi.

For Multichoice, Africa’s leading entertainment company, this is certainly not a time to cheer. This is because its latest financial results have shown that contrary to popular belief, the company is not making enormous profits from its DStv satellite television service. The performance result which was in red confirmed that while the satellite television service contributes significantly to Multichoice’s revenue, the truth is that the company is not solely reliant on it.

 MultiChoice reported loss-making for the year ended 31 March 2024 after incurring a net loss of 4.1 billion rand ($225.8 million at current exchange rate). The company recorded a loss for the second year running, its audited accounts released on Wednesday showed.

According to the company, the substantial net foreign exchange translation losses resulted from losses on, “USD-denominated non-quasi equity loans between MultiChoice Africa Holdings B.V. and MultiChoice Nigeria Limited.”

This, it added, “follows the depreciation of the Naira against the Dollar from a closing rate of N464.50 in FY23 to N1 308.00 in FY24.”

According to the income statement, revenue dropped 5.9 per cent to 55 billion rands due to a slide in subscription fees.

“The combination of foreign exchange headwinds and a lower subscriber base resulted in a net decline in group revenues of five per cent to ZAR56.0 billion,” MultiChoice said.

Counting the Gains of Diversification

The report showed that general and administrative expenses jumped to 18.4 billion rands from 16.6 billion rands a year earlier after surges in employee costs and software license expenses, weakening operating profit.

The report showed however that Multichoice’s diversification strategy has led to significant growth in other segments, such as Showmax, SuperSportBet, and Moment. These new revenue streams have contributed to the company’s overall performance, offsetting some of the challenges faced by DStv.

According to the financial results, several of the company’s other products and services also performed well. Showmax, in particular, has shown impressive growth, with a successful relaunch across 44 markets in sub-Saharan Africa and a significant increase in active users.

Highlighting the company’s achievements in the face of adversity, Multichoice Group Chief Executive Officer, CEO, Calvo Mawela, said despite a tough year, the company delivered a trading profit margin of 26 per cent in South Africa and a 48 per cent increase in trading profit in Africa.

“We’ve just published our results for the past financial year, which ended in March 2024. The year has been like no other in terms of economic turmoil, but we showed resilience and navigated significant headwinds – managing our business with focus, dedication, and tenacity,” said Mawela.

Emphasis on Efficiency

He added that the company’s financial results were a testament to its ability to adapt and innovate in a rapidly changing market, noting that the emphasis on efficiency has positioned the company for future growth, despite the challenges faced by its satellite television service.

“KingMakers delivered strong growth in the online business in Nigeria by growing monthly active online users by 37 per cent and online gross gaming revenues by 26 per cent, year-on-year in constant currency. The business launched BetKing Casino and a virtual football sportsbook service, BetKing FootballGO, in Nigeria and SuperSportBet in South Africa”, the CEO stated.

He continued: “SuperSport continues to bring fans the best of sports from across the globe. In the past year, we broadcast over 34,000 action-packed sports events, more live sports than any other broadcaster in the world. Highlights of the year were the Rugby World Cup, Cricket World Cup, Netball World Cup, FIFA Women’s World Cup, and AFCON.

“Also, SuperSport Schools continues to grow strongly and more than doubled its registered user base during the year. Showcasing South Africa’s talent of the future, the platform displayed 49,000 hours of live programming across 43 different sports, covering 1,100 schools and 14,500 teams.”

Mawela emphasised the company’s commitment to creating authentic African stories. “We are the largest producer of original content on the African continent and remain committed to creating and growing authentic African stories. We produced over 6,500 hours of local content, to bring our local content library to 84,000 hours of content. More than half of our general entertainment budget is spent on local content.”

Commitment to Innovation

With a cost savings target of ZAR2 billion (108.9 million) set for the upcoming year, the company is poised to continue its trajectory of growth and innovation.

“We know that nobody else has the content we have for the customers we serve. This puts us in a great position to prosper – by better understanding our customers’ entertainment choices, identifying their needs, and tapping into the growth opportunities that arise along the way.

“In the year ahead, our focus will be to drive scale in Showmax, Moment, and SuperSportBet and to grow DStv Insurance, DStv Internet, and DStv Stream. We are purposefully pursuing our vision of becoming Africa’s entertainment platform of choice with determination and vigour. Significant progress has been made towards achieving this strategic objective. Our combined efforts will put our business in a strong position to prosper once the macro-economic environment stabilises,” the Multichoice boss assured

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Canal+ to Discontinue MultiChoice Streaming Service Showmax

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By Adedapo Adesanya

Canal+, which now owns MultiChoice, a pay-TV firm, has announced its decision to discontinue the streaming service, Showmax.

The company said the Showmax board has made the decision to discontinue the service in the near future.

“This decision reflects our focus on strengthening our overall digital offering and ensuring long-term sustainability in an increasingly competitive streaming environment.

“Importantly, at the moment, there will be no interruption to your current service. You can continue streaming as usual, and no action is required from you at this time,” it said.

It added that it will share further details in the future, including timelines and any future steps, should they be required.

MultiChoice launched Showmax across Africa 10 years ago in August 2015 to compete with the advent of streamers like Netflix, Apple TV, Amazon’s Prime Video, Disney+ and others, which all became available on the continent and started biting into MultiChoice’s legacy pay-TV subscriber base on DStv and GOtv.

However, it soon faced some challenges and couldn’t hit its target.

In February 2024, MultiChoice, in partnership with Comcast’s NBCUniversal, relaunched Showmax, utilising the technology behind the Peacock streaming service.

The investment, which was pegged at over $300 million, still did not bear the expected fruit, with other streaming giants seeing growth over the years.

With Canal+’s takeover and its aggressive cost-cutting moves, it was no doubt that Showmax got the axe.

Regardless, it said, “Streaming remains central to our strategy. We will continue to invest in premium content, technology innovation and partnerships to deliver the best possible entertainment experience to our customers.”

Canal+ is looking to cut a combined €400 million by 2030, which will affect content.

NBCUniversal has a 30 per cent stake in Showmax as a joint venture. In its last annual results before the Canal+ takeover, MultiChoice revealed that Showmax’s trading losses had worsened by 88 per cent while revenue significantly declined.

According to the company, “The decision to axe Showmax was made by the Showmax board and reflects the continued focus of MultiChoice, a Canal+ company, on financial discipline and investment optimisation, in an increasingly competitive and capital-intensive global streaming environment.”

Since Canal+, as part of its agreement to take over MultiChoice, isn’t allowed to get rid of any staff for a period of three years, MultiChoice won’t let any Showmax staff go but will reassign them to other positions within the broader company.

MultiChoice has already started to quietly rebrand Showmax Originals as Africa Magic, M-Net, kykNET and Mzansi Magic Originals, with original series that will transition to these various DStv linear TV channels on the MultiChoice pay-TV platform.

Showmax’s closure comes two years after Amazon MGM Studios shocked Nigeria and South Africa’s creative community in January 2024 when it announced that it would stop commissioning any new local original content in Africa, and also ended already-existing development deals with a dozen production companies.

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Hypo Bleach Not for Drinking, But to Whiten Your White Fabric—Marketing Manager

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By Modupe Gbadeyanka

The Marketing Manager of a leading bleach brand in Nigeria, Hypo Bleach, Mr Adebayo Adeyemo, has condemned the presentation of the brand as a beverage for trends, jokes, or views by influencers and bloggers.

In a statement, Mr Adeyemo said Hypo Bleach was formulated to “remove stains, whiten your white fabric, deodorise and kill 99.9 per cent of germs” and not produced as a “drink.”

“We have observed people seeming to have fun creating and sharing videos and AI-generated images designed to make Hypo look like a beverage.

“Your health and safety are serious business. We want to be unambiguous: those images are fabricated, that framing is false, and anyone encouraging others to consume Hypo, even as a joke, even for views, is putting lives at risk. It is not something to consume for the sake of trends,” the Marketing Manager stated.

He further said, “To every influencer, blogger, and content creator. Your reach is real; so is your responsibility. A trend that ends in ill-health is not a trend worth starting.”

“To every young Nigerian seeing this content, you do not have to prove anything to anyone. Not online. Not offline. Not ever. If someone is pressuring you to try this, that is not a dare. That is harm.

|If you or someone you know is struggling emotionally or feeling pressure they cannot handle, please reach out to someone you trust.

A guardian. A counsellor. A healthcare professional. Asking for help is not a weakness; it is a strength.

“Also, we urge people to prioritise their mental health. Evaluate the quality of your conversations with people. Should you notice inconsistencies in their thinking, encourage them to seek professional help. Depression is real and should be treated with utmost concern. Let’s keep social media fun, but safe,” Mr Adeyemo added.

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CMC Connect Plans Conference on AI in Reputational Risk Management

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By Dipo Olowookere

A conference designed to examine how Artificial Intelligence (AI) is fundamentally reshaping crisis communication, institutional response systems, governance frameworks, and reputational risk management is slated to take place on Wednesday, March 25, 2026, in Lagos, at 10 am.

The event, planned by a renowned Public Relations (PR) firm, CMC Connect LLP, is themed Crisis Management in the AI Milieu: New Threats, Smarter Responses.

It is an offshoot of the company’s flagship industry initiative, Crisis Management Advocacy Month, scheduled to be held throughout March 2026.

The Minister of Communications, Innovation and Digital Economy, Mr Bosun Tijani, is expected to deliver the keynote address, while the Minister of Information and National Orientation, Mr Mohammed Idris Malagi, is the Special Guest of Honour.

Earlier in the month, the Vice President for Corporate Communications and CSR at Airtel Africa, Mr Emeka Oparah, will headline a closed-door media workshop convened exclusively for senior media executives in Lagos.

The 2026 edition will also feature strategic collaborations with the Nigerian Institute of Public Relations (NIPR) through its Monthly PR Clinics in both the Lagos and Abuja Chapters, where the Senior Corporate Communications Analyst at CMC Connect LLP, Ms Affiong Edet, will deliver a thematic presentation aligned with this year’s focus.

The initiative will also partner with the Nigerian Bar Association Section on Legal Practice through its weekly webinar series to interrogate the intersection of AI, Crisis Management, and the Law.

“Artificial Intelligence has fundamentally altered the crisis landscape. Crisis Management Advocacy Month 2026 is intentionally designed to convene cross-sector leaders to interrogate emerging risks, strengthen institutional preparedness, and promote smarter, ethical response architectures in an AI-driven environment,” the Project Coordinator, Ms Bright Emmanuel Okon, commented.

Also, the Lead Partner of CMC Connect LLP, Mr Yomi Badejo-Okunsanya, said, “In today’s digital ecosystem, crises evolve at unprecedented speed. Institutions must move beyond reactive communication toward intelligent crisis architecture. Crisis Management Advocacy Month represents our commitment to advancing national and institutional resilience in the age of AI.”

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