The TV landscape in South Africa is undergoing a significant shift, as more viewers are cutting ties with DStv and turning to popular streaming services such as Netflix and YouTube. MultiChoice, the parent company of DStv, has reported a troubling decline in revenue, underscoring the difficulties it faces amid increasing competition.
On April 28, 2026, Canal+, which acquired MultiChoice at the end of 2025, issued a trading update revealing a drop in revenue from US$770 million in the first quarter of 2025 to US$723 million in the same period in 2026. Canal+ attributed this decline primarily to a decline in non-subscription revenue.
Among the factors influencing this downturn are increased subsidies for new subscribers, declines in content sales, and commissions from insurance offerings. While advertising revenue rose from major events such as the SA20 cricket tournament and the Africa Cup of Nations (AFCON), subscription revenue remained largely stagnant, even after adjusting for currency fluctuations.
MultiChoice’s struggles are not new; the company has had difficulty retaining existing DStv subscribers and finding new revenue streams. The 2025 annual report showed that the number of DStv subscribers fell from 14.9 million to 14.4 million, reflecting the broader trend of declining satellite Pay-TV subscriptions in favour of more affordable streaming options.
Economic challenges, combined with enhanced broadband access in Africa, have accelerated the growth of piracy and free entertainment platforms, further eroding DStv’s subscriber base. Past reports indicated a rapid decline in South African DStv subscribers, with a notable loss of 589,000 subscribers in the 2025 financial year alone—an 8% decrease.
Of particular concern is the 96,000 subscriber drop in the DStv Premium segment, a 9% decline year-over-year. The middle-income and mass-market tiers also faced significant losses, driven primarily by affordability crises and external pressures such as load shedding and inflation.
In an attempt to reverse these declines, Canal+ announced initiatives to overhaul MultiChoice’s operations, including suspending annual price increases and boosting subsidies for new customers. Additionally, the controversial decision to discontinue Showmax on April 30, 2026, repositioned its content on DStv’s streaming platform and migrated current Showmax subscribers to DStv Stream.
As part of its turnaround strategy, Canal+ is also implementing a Voluntary Severance Plan to reduce its workforce. This multifaceted approach aims to stabilise MultiChoice’s operations, recapture a dwindling subscriber base, and navigate an evolving digital landscape.
