French group executives have described Showmax’s losses as a financial drain that was limiting MultiChoice’s investment in keeping its existing base and acquiring new customers.
Since taking control of Africa’s largest pay-TV operator, the French group has concluded that MultiChoice faltered in its customer acquisition spend over the past three years.
The company went from having more than 23-million subscribers in March 2023 to 19.3-million in less than two years. That number is now almost a third lower at 14-million.
According to Canal+ Africa CEO David Mignot, Showmax, the on-demand video streaming service that MultiChoice launched in 2015, lost more than R3bn in 2025 alone.
“Showmax has been massively losing [money] for the last year. More than $200m just in 2025. So it has hurt MultiChoice and its economics, and it has pushed MultiChoice to decrease its investment in sales acquisition.
“The business, the joint venture, is not working and is not flying. It can’t stay like that.”
Last week, MultiChoice said it will soon shut down Showmax as part of the group’s effort to rein in costs and cut loss-making units, having spent more than R6bn on the project.
“We do have a very ambitious and bold strategy around over-the-top technology, as we do have everywhere else in the group in Europe, Asia and in overseas territories,” said Mignot. “We have to replace [Showmax] with something in which we believe, which will enforce our position in streaming for the future.”
The French broadcaster is betting on the tie-up with MultiChoice, known as Canal+ Africa, to bring it closer to its goal of reaching 100-million customers. This promise of scale, cost savings and deeper financial muscle is critical ammunition in a market architecture shaped by entertainment giants such as Netflix.
We do have a very ambitious and bold strategy around over-the-top technology, as we do have everywhere else in the group in Europe, Asia and in overseas territories.
— David Mignot, Canal+ Africa CEO
“Thanks to the combination and the scale of the group, we are able to provide all of the businesses in the group and geographies with an up-to-date standard and technology to sustain the needs of our customers in terms of OTT,” Mignot said.
Canal+ group CEO Maxime Saada said “even if Showmax had been a success, then MultiChoice would have conceded 30% of it to a third party”, highlighting the value his group places on fully owning and controlling its streaming offerings.
A new Showmax group was created in 2023. It is 70% owned by MultiChoice and 30% by Comcast-owned NBCUniversal, and powered by its Peacock technology. Expenses for the business and future profits are shared in the same ratio.
Canal+ has indicated that it aims to create a super app that combines its streaming efforts into one app.
The company announced new partnerships with OpenAI and Google, which Saada said the French broadcaster is using for “incredible developments on the app which we will roll out in Africa”.
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.