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<\/figure>\n\n\n\nResearch by Omdia found that Showmax was already Africa’s biggest video streaming service by customers by the end of 2023.<\/p>\n\n\n\n
MultiChoice has reported a 44% increase in Showmax subscribers just over a year after the video streaming service was relaunched, despite withdrawing the service from countries outside Africa.<\/p>\n\n\n\n
Showmax 2.0 was rolled out in February 2025 as a joint venture between MultiChoice and Comcast’s NBC Universal, with the former holding a 70% share and the latter the remaining 30%. <\/p>\n\n\n\n
In its first year, MultiChoice said the service focused on enhancing its content line-up, bedding down distribution partnerships, expanding payment channel integrations, and refining a go-to-market strategy.<\/p>\n\n\n\n
The period was Showmax’s peak investment period, with a step-up in content costs to attract viewers and platform costs to create capacity.<\/p>\n\n\n\n
As a result, Showmax’s trading losses expanded roughly 88% from R2.64 billion in the 2024 financial year, when the initial work on the service began, to R4.95 billion.<\/p>\n\n\n\n
The service’s revenues also declined from R1.32 billion to R1.05 billion, impacted by higher-than-expected Showmax customer churn and less-than-satisfactory early distribution partnerships.<\/p>\n\n\n\n
However, MultiChoice explained that removing the effect of the discontinuation of its Showmax Pro and Showmax Diaspora products leaves organic revenues up 5% year over year.<\/p>\n\n\n\n
However, the overall picture should look substantially better going forward, as the platform’s technology-related costs should cool significantly. <\/p>\n\n\n\n
MultiChoice said that although Showmax 2.0 has lagged its initial growth targets, it has still delivered healthy growth in active paying subscribers and gained market share in the regional streaming market.<\/p>\n\n\n\n
“Although the current levels of broadband and subscription video-on-demand penetration across Africa are not yet at comparable levels to the rest of the world, they suggest significant long-term upside.”<\/p>\n\n\n\n
However, MultiChoice said that Internet data pricing would need to evolve further for this market segment to reach its full potential. <\/p>\n\n\n\n
“Aside from data costs, macro-economic challenges in markets like Nigeria have impacted short-term pricing and MultiChoice Group,” the company said. <\/p>\n\n\n\n
<\/figure>\n\n\n\nResearch by Omdia found that Showmax was already Africa’s biggest video streaming service by customers by the end of 2023.<\/p>\n\n\n\n