MultiChoice is pivoting its strategy from traditional pay-TV to premium streaming and digital payments after shuttering Showmax. The company now relies on DStv Stream and fintech platform Moment to navigate Africa's competitive streaming landscape.
DStv Stream Sees Massive Growth
Unlike Showmax, which targeted mass-market mobile users, DStv Stream focuses on premium customers willing to pay for live TV, sports, and on-demand content without a decoder. Following its 2023 relaunch, the platform's standalone subscriber base surged by 139%, with over 90% of new users never having subscribed to MultiChoice before. Revenue nearly tripled in 2024 and grew another 48% in 2025.
Cost Advantages of Streaming
Traditional satellite TV required MultiChoice to subsidize decoders, costing $132 million in 2024. That figure dropped to $54 million in 2025 as more users migrated to streaming. Each DStv Stream customer costs less to acquire and maintain. The company is converting former Showmax users through free trials and discounted packages.
Challenges Remain
MultiChoice lost about 96,000 Premium and Compact Plus subscribers in 2025 due to rising living costs. However, DStv Stream's cheaper model may offset these losses. Canal+ has committed $115 million to boost local content and streaming expansion.
Moment Emerges as Fintech Powerhouse
Originally launched to reduce $60 million in annual payment fees, Moment processed $635 million in transactions in 2025, up from $85 million the previous year. It now handles 56% of MultiChoice's payment volumes across markets and 81% in South Africa. Moment operates in 44 markets with over 200 payment partners.
Other Subsidiaries Lag
While Irdeto, NMS Insurance, and KingMakers contribute revenue, none match the strategic importance of DStv Stream and Moment. KingMakers faces currency volatility and competition from Betway and Hollywoodbets in Nigeria.
MultiChoice's future clearly lies in streaming, fintech, and bundled digital services rather than traditional television alone.
