DStv suffers another blow in South Africa
DStv’s new owner, the French media titan Groupe Canal+, launched its secondary inward listing on the JSE on the same day Amazon Prime launched in South Africa, which includes Prime Video.
Amazon Prime costs R59 per month and includes Prime Video, making it a no-brainer for South Africans who previously paid R79 for Prime Video alone.
The Amazon Prime membership also includes unlimited fast and free delivery on eligible items, exclusive deals, Prime Day access, Amazon Luna gaming, and a monthly Twitch channel subscription.
Amazon said customers can sign up for a free 30-day trial, after which they can pay the monthly fee or R399 per year.
The annual plan represents a saving of R309, or 44%, compared with paying the monthly subscription price for a full year.
Meanwhile, DStv’s cheapest package with premium entertainment content in South Africa is DStv Access, available for R99 p/m as a streaming-only service and R150 p/m on a decoder-based package.
Prime Video gives members access to Amazon Originals and international movies and series across smart TVs, streaming devices, consoles, tablets, phones, and desktops.
Amazon highlighted shows including Reacher, Duplicity, and The Summer I Turned Pretty, as well as local content such as Rise: The Siya Kolisi Story.
The launch of Amazon Prime in South Africa bundles a major streaming service with shopping and gaming benefits at a lower price than Prime Video subscribers were paying before.
This comes as Canal+ is trying to turn around DStv after completing its acquisition of MultiChoice, whose subscriber base has been under sustained pressure.
Canal+ shares started trading on the JSE’s main board on Wednesday, 3 June 2026, through a secondary inward listing.
The listing fulfilled a commitment Canal+ made to competition authorities during the MultiChoice acquisition and gives South African investors direct exposure to the French media group.
“We are proud to become the first French company ever to list in Johannesburg and the only global media and entertainment company listed on the exchange,” said Canal+ CEO Maxime Saada.
“Following our listing on the London Stock Exchange 18 months ago, this dual listing reinforces our ambition to be a bridge between Europe and Africa and anchors our dual-continental approach.”
The JSE said listings like this represent a deliberate strategic focus to deepen market liquidity, diversify the exchange across globally relevant sectors, and offer international growth opportunities.
“Canal+’s listing on the JSE is an important milestone — not only for the company, but for the continued internationalisation of African capital markets,” said JSE Group CEO Valdene Reddy.
Hello Prime Video, goodbye DStv
Amazon.co.za said Prime members in South Africa will receive unlimited free Same-Day Delivery on eligible orders placed before midday in Cape Town, Johannesburg, and Pretoria.
Members will also receive unlimited free Next-Day Delivery in major cities, with no minimum order spend on Prime-eligible items across several product categories.
Amazon said Prime Day will be held in South Africa on 23–29 June 2026, giving local members access to its flagship shopping event.
Existing Prime Video subscribers will be converted to Amazon Prime when they sign up for the 30-day trial. If they do not sign up manually, they will be automatically converted on their next billing date.
“We’ve actually got a very loyal and fast-growing base of Prime Video subscribers in South Africa,” Amazon’s managing director for Sub-Saharan Africa, Robert Koen, told MyBroadband.
Meanwhile, DStv has seen its overall subscriber base decline since 2023. In South Africa, it’s even worse, with its most valuable DStv Premium subscriber base in decline since 2016 when Netflix went global.
DStv was in serious trouble when Canal+ took over MultiChoice in September 2025. DStv’s subscriber base peaked at 17.3 million in March 2023 and has declined since then.
MultiChoice’s integrated annual report for the year ended 31 March 2025 showed that DStv lost 589,000 subscribers in South Africa.
The premium base, including Compact Plus and DStv Premium, declined by 96,000 subscribers, representing a 9% year-on-year decline.
Middle-market subscribers, including DStv Compact and Commercial package users, fell by 99,000, representing a 5% year-on-year decline.
The mass-market tier, including DStv Access and DStv Family, dropped by 394,000 subscribers, also representing a 9% year-on-year decline.
Some analysts positive about Canal+’s prospects
While the traditional pay-TV business was facing global headwinds, analysts at FNB Stockbroking and Portfolio Management were generally positive about Canal+’s prospects.
Canal+ has announced a turnaround strategy for MultiChoice, including a €100 million (R1.9 billion) additional investment to return it to sustainable growth.
That included restructuring at the company’s headquarters through voluntary retrenchments and the hiring of 1,000 field sales staff.
The French media conglomerate said its recovery plan was built around four pillars: better content, clearer commercial propositions, stronger distribution, and operational excellence at scale.
“Canal+ is currently trading at a discount relative to its own history and peers,” the FNB analysts stated.
“On our estimates, the stock is valued on a 12-month forward price-to-earnings (PE) ratio of 9.5 times, which is below its own history (10.3 times) and that of its peers at 11.8 times.”
The analysts explained that they employed multiple valuation models to arrive at a fair value of £2.82 (±R61.98), representing 14% upside from the stock’s current spot price.
“The group’s valuation reflects its global scale, strong cash generation, and synergy potential, but also integration and execution risks,” FNB’s analysts said.
“We view Canal+ as a compelling opportunity for investors seeking diversified exposure to global media, with a unique Africa growth angle and a robust platform for long-term value creation.”
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