Groupe Canal+ is positioning itself for a secondary inward listing on the JSE while focusing on turning around DStv, a crucial component of its African growth strategy following the underperformance of Showmax. With this listing, slated to commence on 3 June 2026, Canal+ aims to provide South African investors with direct access to its shares, coinciding with MultiChoice’s delisting from the JSE at the end of 2025.
According to Canal+, MultiChoice stands as Africa’s premier entertainment platform, featuring DStv, GOtv, SuperSport, and more. By the end of 2025, the combined entity reportedly had over 42 million global subscribers and operations in more than 70 countries. Specifically, Canal+’s Africa and Asia segment alone accounted for 23 million pay-TV subscribers, delivering diverse content in over 50 languages.
Despite this, DStv has faced significant challenges, with subscriber numbers peaking at 17.3 million in March 2023 before entering a steady decline. MultiChoice’s annual report indicated that from 2021 to 2025, South Africa saw a consistent decline in DStv subscribers, totalling 589,000 by 2025. All market segments experienced downturns, particularly in the premium and mass-market packages, highlighting an urgent need for strategic intervention.
Canal+ identified Sub-Saharan Africa as a vital growth market, supported by population growth, rising GDP, and low streaming penetration. To capitalise on these opportunities, however, enhancing DStv’s performance is imperative. The previous reliance on Showmax for growth was deemed a costly misstep, leading to its shutdown on 30 April 2026 due to considerable losses linked to its operations and content strategies.
To address these hurdles, Canal+ plans to invest up to US$116 million in MultiChoice’s recovery efforts, including workforce reductions and hiring additional sales staff. Their recovery strategy centres around four key elements: improving content offerings, simplifying commercial propositions, expanding distribution channels, and achieving operational excellence.
By prioritising local content production, improving pricing transparency, and enhancing marketing efforts, Canal+ aims to attract new subscribers and reverse the declining trend. This comprehensive plan underscores Canal+’s commitment to making DStv a competitive player in the evolving African entertainment landscape.
