Revenue for the year ending December 31, 2025, dropped by 6% to around $2.8 billion, driven largely by weak performance in MultiChoice\u2019s business across the continent.<\/p>\n
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Speaking to Channel Africa on Wednesday, TV and film journalist Thinus Ferreira said Canal+ executives used their first full\u2011year results since acquiring MultiChoice to sharply criticise the SA company\u2019s previous management. \u201cThey said Showmax was an expensive failure. It was bleeding, and would have brought down MultiChoice if they didn\u2019t stop it,\u201d he said.<\/p>\n
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MultiChoice has lost more than 500 000 subscribers, falling to 14.4 million from a peak of 23 million in 2023. Ferreira said Canal+ only gained full visibility of the company\u2019s financials after taking ownership. \u201cThey are trying to right\u2011side a sinking ship,\u201d he added.<\/p>\n
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Canal+ has launched a $115 million \u201cboost plan\u201d aimed at stabilising the company through cost savings, streamlining operations and eliminating redundancies. Whether it will be enough remains uncertain. \u201cThe decline has been so steep it seems almost insurmountable,\u201d Ferreira said. Canal+ plans to reduce decoder prices, simplify package offerings and slash monthly subscription fees in an effort to win back customers.<\/p>\n
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Showmax\u2019s shutdown has unsettled the local creative industry, which fears losing one of the few platforms commissioning experimental, youth\u2011driven and distinctly African content. \u201cPeople forget Showmax was our local streaming service,\u201d Ferreira said. \u201cIt backed edgy, home\u2011grown work. With its closure, those opportunities vanish.\u201d<\/p>\n
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Canal+ will replace Showmax with its own global app, raising concerns about declining African ownership of platforms and content. Ferreira warned of a growing \u201cMcDonaldization of culture\u201d, saying Africa risks losing its creative autonomy to global giants. \u201cWhere is our own stuff, our own brands? Why can\u2019t we run our own platforms profitably?\u201d<\/p>\n
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Ferreira said MultiChoice\u2019s sale to Canal+ was driven purely by shareholder gain, not the preservation of African creative identity. Although the Competition Commission secured assurances that no retrenchments would occur for three years, indirect job losses are expected as content commissioning slows.<\/p>\n
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He cautioned that inadequate regulatory guardrails may allow a gradual erosion of African storytelling. \u201cMultiChoice was the beacon of African content. Now that the beacon is dimming, and we may not realise the full impact until years from now.\u201d<\/p>\n
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