Multichoice Is In Serious Trouble — But Its Crown Jewel Could Still Turn Things Around.

This week, the Multichoice Group (Multichoice) dropped a financial bombshell. The group posted a net loss of US$ 223 million (approx. KES 29.6 billion) for the year ending March 2025 — a sharp reversal from the US$ 49 million (KES 6.5 billion) profit it posted just a year earlier. Revenues were down by 5%, and Multichoice lost a staggering 1.4 million subscribers, with 900,000 of those losses coming from sub-Saharan Africa (that includes Kenya). For a business that enjoys defacto monopoly status across Africa’s Pay-TV landscape, these results are sobering. But they’re also not surprising. In fact, if you’ve been following my coverage here — the writing has been on the wall for some time.

The Legacy Model Is Collapsing

Multichoice’s traditional bouquet-based pricing model — where customers must pay for dozens of channels just to access one or two they care about — feels hopelessly out of step in a digital-first, mobile-driven world. The decoder is now an anchor, not an asset. The forced packaging is a pain point, not a feature. Over the past two years alone, the company has lost 2.8 million pay-TV subscribers. Even “90-day active users” dropped to 18.6 million — a loss of 2.3 million year-on-year. That’s a massive audience exodus.

The Attention War Is Real & Multichoice Is Losing It

The competitive landscape is no longer just Netflix. It’s also TikTok, YouTube, Instagram Reels, and WhatsApp Status. These platforms are mobile-first, free, addictive, and algorithmically tuned to keep users engaged for hours — without needing a single shilling beyond a data bundle. In this context, asking Kenyans to pay KES 3,000–10,000 per month (US$ 23–75) for DSTV is becoming increasingly untenable — especially when younger, mobile-first audiences are glued to content on their phones that feels more relevant, accessible, and shareable.

Netflix may not be free but it offers a rich slate of global content at a more predictable and user-centric price point — and without a decoder. At the same time, many African consumers have turned to informal and illegal streaming platforms — normally referred to as IPTV services — to get their live sports content fix. Despite Multichoice’s ongoing efforts to crack down on these operations across the continent, the shift is massive and growing. For consumers who simply can’t afford DSTV’s pricing, IPTV often becomes the only viable alternative.

The Bright Spot: Showmax Is Gaining Ground

There is one clear area of growth for Multichoice — Showmax. After a major relaunch in February 2024, the platform has posted:

• A 44% year-on-year increase in paying subscribers
• A total user base now estimated at over 3.1 million across Africa
• Early signs that it may have overtaken Netflix in total African streaming subscribers
• Strong traction in Kenya and Nigeria due to mobile-only Premier League streaming, available at pocket-friendly pricing

That said, Showmax remains heavily loss-making, So, while user growth is impressive, the platform is still far from being financially sustainable.

But The Real Moat Isn’t Showmax — It’s SuperSport

Let’s be absolutely clear: Multichoice’s most valuable asset isn’t Showmax. It’s their exclusive sports rights — especially the Premier League, Champions League, La Liga, Formula 1, and Rugby. These rights are Multichoice’s the crown jewel — the one thing that still commands loyalty from customers who might otherwise cut the cord.

In many ways, Showmax is probably cannibalising DSTV — especially among users who only care about sports and entertainment. But here’s the thing: instead of fighting this trend, Multichoice should lean into it — and use sports as the driver of its next wave of digital transformation.

The Play: SuperSport As A Standalone Streaming Experience

Imagine a dedicated SuperSport mobile app — lightweight, low-data, and accessible even with modest smartphones and/or feature phones. The model would look something like this:

• Pay-per-match access (US$ 0.50 — US$ 1.00 / KES 67–133)
• Weekly or monthly sports-only bundles
• Streaming with data-saving modes for 3G/4G users
• Built-in payments via M-PESA, Airtel Money,etc
• In-app highlights, stats, replays, commentary, and even fantasy or betting integration

This product would open the gates for an entirely new demographic — fans who can’t or won’t pay for DSTV or Showmax but who want to watch the Premier League or Champions League on their phones, live.

The Missing Link: Telco & ISP Partnerships

To succeed at scale, this approach must also solve for data costs, which remain a major barrier. Multichoice should be actively partnering with Safaricom, Airtel, MTN, Telkom Kenya, Faiba, and others in Kenya to:

• Zero-rate or subsidize data costs for sports streams via Showmax or a SuperSport app
• Offer combined data + content bundles (e.g., 5GB + weekend sports for KES 250)
• Provide flexible billing options — via airtime, mobile money, or post-pay plans

What Else Needs To Change?

1. Unbundle Everything — Consumers should pay only for what they want — whether it’s sports, Nollywood, kids’ cartoons, or reality shows. Let them buy by the match, show, or channel.
2. Mobile-First Design — Stop designing for TVs. Start designing for smartphones, feature phones, and low-data users. This is the market that is truly representative of the mass market in Africa.
3. Turn Showmax Into a Scalable Platform, Not a DSTV Add-On — Showmax should focus on general entertainment, original local series, and global licensed content — priced for the mid-market with true affordability in mind.
4. Leverage the SuperSport Brand Differently — The SuperSport brand still has enormous cachet across Africa. Use it to build a Netflix for sports — hyperlocal, mobile-optimised, and sports-obsessed.
5. Engage Audiences Where They Already Are — Make use of TikTok, Instagram Reels, and YouTube Shorts to push teaser content, post-match analysis, and behind-the-scenes exclusives. Meet Gen Z where they live.

In Closing: A Reinvention, Not A Recovery

The numbers don’t lie. Multichoice is losing subscribers, losing money, and — most dangerously — losing relevance. But the assets it owns are still powerful. The brand still commands trust. And the rights it holds are second to none. What’s needed now is boldness:

• Unbundle, everything.
• Go mobile-first as that’s where Africa lives digitally
• Streamline pricing.
• Partner with telcos and ISPs.
• Fight piracy with accessibility and afforablity to create a ‘trickle up’ effect.
• Build for Africa’s real digital consumer — on the feature phone or smartphone, via mobile money, and on their terms.

Mobile is Africa’s digital-first reality. The future is streaming. The future is sports. The future is choice.

Multichoice can still win — but only if it stops defending yesterday’s model and builds for what tomorrow demands.