DStv subscriber decline puts MultiChoice under pressure

The DStv subscriber decline has placed MultiChoice under renewed pressure as new owner Canal+ moves to cut costs and simplify the pay-TV business.

French media group Canal+ is preparing for a secondary inward listing on the JSE on 3 June 2026, a step linked to its 2025 acquisition of MultiChoice. The company said the listing would give South African investors direct access to Canal+ shares, according to its JSE listing notice and market announcements.

Canal+’s latest results show the scale of the challenge. MultiChoice revenue fell 6% to €2.4 billion, while its subscriber base dropped from 14.9 million to 14.4 million in the year to 31 December 2025.

Canal+ cuts costs after DStv loses viewers

The DStv subscriber decline has been especially visible in South Africa. MultiChoice’s 2025 integrated annual report showed that DStv lost 589,000 South African subscribers in the year ended 31 March 2025, according to the supplied source article.

The losses affected every major package segment. The premium base, which includes Compact Plus and DStv Premium, fell by 96,000 subscribers. Middle-market packages declined by 99,000, while the mass-market tier lost 394,000 subscribers.

Canal+ has already taken major steps to reshape the business. It confirmed in March 2026 that MultiChoice would retire Showmax after a review of its streaming operations.

Analyst says Canal+ is trying to stop the bleeding

CashNSport Research & Advisory founder Nqobile Ndlovu told The Money Show that Canal+ appeared to be cutting costs quickly after reviewing MultiChoice’s books.

“They’ve duly decided to cut the fat to stop the bleeding. This is open-heart surgery at the moment,” Ndlovu said, according to the supplied source.

Ndlovu said Canal+ was likely renegotiating contracts, cutting underperforming content and preparing to simplify DStv’s product offering. He also said MultiChoice may become more of a content aggregator across Africa, rather than a traditional satellite-TV operator.

What happens next for DStv?

The next test will be whether Canal+ can slow the DStv subscriber decline while keeping sports and entertainment rights attractive enough for viewers.

However, the company must balance two markets at once. Many customers still use dishes and decoders, while younger and urban viewers increasingly expect streaming services, flexible bundles and lower-cost options.