MultiChoice Nigeria has suffered a massive 44% plunge in subscription revenue, dropping from $355.9m in 2024 to $197.7m in 2025, as inflation and naira depreciation drive away Nigerian customers.
- The subscriber base shrank by 1.4 million in Nigeria since March 2023
- Revenue drop attributed to high inflation (23.71% in April) and the naira’s 44% crash
- Nigeria accounted for 77% of subscriber losses across RoA (Rest of Africa)
- Foreign exchange loss: $158.2m
- Operating profit dropped 34% to $263.5m
MultiChoice is battling headwinds on multiple fronts. In Nigeria, economic pressures have left many unable to afford pay-TV services. The weakened naira, now averaging N1,589/$, makes repatriating revenue harder than ever. The pain is evident with $576m in lost revenue from currency depreciation over two years.
But it’s not all doom. Digital services are booming: DStv Internet revenue grew 85%, Showmax active users rose 44%, and DStv Stream climbed 48%, a silver lining as consumer habits shift toward streaming and mobile.
The pay-TV giant may be down, but it’s pivoting quickly. Whether its digital strategy is enough to offset subscriber losses remains to be seen, especially with Canal+ eyeing a takeover.
