CANAL+ faces a South African turnaround test as MultiChoice revenue falls 3%

MultiChoice, a leading pay-TV operator in South Africa, is experiencing a decline in revenue, with a 3% decrease on a like-for-like basis in the nine months to September 2026, according to CANAL+'s latest trading update. The France-based media group attributes the decline to lower subscription income in the country, although higher revenue in other English-speaking African markets partially offsets this.

CANAL+ is attempting to revitalize MultiChoice through revamped DStv packages and stronger content offerings. The company's CEO, Maxime Saada, stated that progress is being made with the turnaround plan, including the introduction of a simplified value proposition in South Africa towards the end of the reporting period. However, the impact of this new offering was not reflected in the nine-month results due to the timing of its rollout.

CANAL+ has also discontinued MultiChoice's subscription video streaming service, Showmax, in April, as part of wider changes to its entertainment business. Group revenue for CANAL+ increased by 37.5% to €6.41 billion ($7.2 billion) for the nine months, primarily driven by the consolidation of MultiChoice following the acquisition.

Excluding MultiChoice, revenue increased by 0.8% on a like-for-like basis, driven by strong performances in French-speaking Africa and the group's content production and distribution operations. However, the figures do not provide subscriber numbers or average revenue per user, limiting the evidence on whether the changes are improving customer retention or spending.