MultiChoice has released its annual results for the year ended 31 March 2024, revealing strong growth in revenue generated by its streaming video-on-demand (SVOD) service, Showmax.<\/p>\n
It reported revenue of R1 billion for Showmax for the financial year, up 22% from the previous year.<\/p>\n
“FY24 represented a pivotal year for Showmax. Having officially concluded the partnership with Comcast in April 2023, the long-awaited relaunch took place in February 2024,” said MultiChoice.<\/p>\n
Showmax’s revenue grew from approximately R820 million in FY2023 to R1 billion in FY2024.<\/p>\n
However, MultiChoice noted that Showmax’s trading losses increased to R2.6 billion, below the expected range of R3 billion to R4 billion.<\/p>\n
It noted that this was due to some operational expenditure and depreciation shifting into FY2025, given the launch of Showmax towards the end of FY2024.<\/p>\n
MultiChoice relaunched Showmax through its partnership with Comcast in February 2024.<\/p>\n
It says Showmax’s growth post-relaunch compensated for the termination of its higher-average revenue per user (ARPU) Showmax Pro service.<\/p>\n
“Showmax, which relaunched in February, is showing encouraging early traction,” said MultiChoice.<\/p>\n
“It delivered record single-month growth in March 2024, with the paying subscriber base growing 16% from the migrated base at relaunch to year-end.”<\/p>\n
It noted that revenue from Showmax subscription fees grew by 1% year-on-year.<\/p>\n
MultiChoice highlighted several figures relating to its Showmax subscriber base post-relaunch, including that 100% of subscribers had migrated to the new platform and subscriptions.<\/p>\n
It said over 88% of those who migrated are still active and paying for the service.<\/p>\n