In the face of sustained macroeconomic headwinds and currency volatility, Africa’s leading video entertainment group MultiChoice has delivered stronger-than-expected cost savings and posted modest organic revenue growth, despite a challenging consumer environment.

The group announced ZAR3.7bn in cost savings for the 2025 financial year—well above its revised target of ZAR2.5bn and nearly double the ZAR1.9bn achieved in the prior year.

A disciplined approach to inflationary pricing also helped limit the impact of subscriber losses, with organic revenues rising 1% year-on-year.

“We’ve faced significant external pressures, but our strategic execution and investment in long-term growth have positioned us well for the future,” said CEO Calvo Mawela.

New products were a bright spot. DStv Internet revenues surged by 85%, while DStv Stream and Showmax grew by 48% and 44% respectively.

Betting platform KingMakers posted 76% growth in constant currency.

Despite gains in product diversification, total revenue declined 9% on a reported basis to ZAR50.8bn, largely due to an 11% drop in subscription income and the deconsolidation of its insurance arm, NMSIS. The group returned to a positive equity position following a partial sale of NMSIS to Sanlam.

Subscriber numbers continued to shrink, though at a slower pace, falling 8% to 14.5 million, compared with 11% in FY24.

Trading profit dropped to ZAR4bn after accounting for losses in Showmax and ZAR5.2bn in foreign exchange impacts, despite strong savings.

MultiChoice continued to focus on local content, adding over 5,000 hours and cementing its lead as Africa’s largest producer.

Its flagship show Big Brother Mzansi broke viewership records, while SuperSport delivered a 7% rise in live coverage hours.

Looking ahead, the group has set a new cost-saving target of ZAR2bn for Financial Year 2026, and aims to stabilise its core video business while accelerating growth in fintech, betting, and streaming.

MultiChoice continues to work closely with Canal+ toward finalising a mandatory offer that could reshape the African media landscape.