CANAL+ is struggling to turn around MultiChoice South Africa, the country’s biggest pay-TV operator, with revenue falling 3% in the nine months to September as lower subscription income weighed on performance.
The France-based media group is relying on revamped DStv packages and stronger content to reverse the decline. MultiChoice’s revenue fell 3% on a like-for-like basis to September 2026, according to CANAL+’s latest trading update released on Thursday.
The decline reflects underlying performance after adjusting for currency movements and changes in the scope of the business. On a reported basis, MultiChoice revenue rose 0.4% to €1.81 billion ($2.03 billion), benefiting from a material positive currency effect.
CANAL+ said the like-for-like decline was driven by lower subscription revenue in South Africa, partly offset by higher revenue in most other English-speaking African markets.
The decline moderated to 2% in the third quarter, from 3.4% in the first half. CANAL+ attributed part of the improvement to more favourable comparisons with the sporting events line-up in the previous year, rather than solely to the effects of its turnaround strategy.
The figures come as CANAL+ attempts to simplify MultiChoice’s offerings and strengthen the value proposition for subscribers following its acquisition of the South African pay-TV operator.
“We are making good progress with the MultiChoice turnaround plan,” CANAL+ chief executive officer (CEO) Maxime Saada said in the trading update. “In September, a new, simplified value proposition was launched in South Africa, providing subscribers with more content, greater choice, and better value for the same price.”
MultiChoice introduced the new packages on September 7, towards the end of the reporting period, leaving little time for their impact to reflect in the nine-month results. CANAL+ said the rollout would continue across English- and Portuguese-speaking African markets over the coming months.
The strategy comes amid wider changes to MultiChoice’s entertainment business, including the discontinuation of Showmax, MultiChoice’s subscription video streaming service, in April. CANAL+ has treated Showmax as a discontinued operation in its financial reporting.
The group has said it intends to continue investing in premium content, technology and strategic partnerships as it reshapes its entertainment offering. However, the latest trading update does not provide subscriber numbers or average revenue per user. This limits the available evidence on whether the changes are improving customer retention or spending.
At group level, CANAL+ reported revenue of €6.41 billion ($7.2 billion) for the nine months, up 37.5% from the same period last year. The increase primarily reflected the consolidation of MultiChoice following the acquisition, rather than equivalent growth in the underlying business.
On a like-for-like basis, group revenue declined 0.3%. Excluding MultiChoice, revenue increased 0.8% on a like-for-like basis, supported by French-speaking Africa and the group’s content production and distribution operations.
Africa and Asia revenue, including MultiChoice, rose 3.1% on a restated basis. But the figures conceal diverging performances across the continent: CANAL+’s Africa and Asia operations excluding MultiChoice recorded like-for-like revenue growth of 10.2%, while MultiChoice declined.
In French-speaking Africa, the group said subscriber growth was supported by a compelling content line-up and improved distribution efficiency. CANAL+ Telecom Africa, an African telecommunications and fibre broadband operator, also recorded double-digit revenue growth, driven by the expansion of its fibre-to-the-home network and stronger commercial momentum.
“We delivered a solid performance in the first nine months of the year as we continued to execute our strategy. Revenue was in line with our expectations, supported by strong momentum in French-speaking Africa and at STUDIOCANAL,” said Saada.
CANAL+ is also strengthening its sports offering to protect its position in the African entertainment market. The group secured exclusive rights to all UEFA men’s football club competitions across more than 40 countries for 2027 to 2031, alongside rights across Africa for the 2027 Africa Cup of Nations and its qualifying campaign.
CANAL+ said it remained on track to deliver its 2026 financial guidance, including €735 million ($825 million) in adjusted earnings before interest and tax and €250 million ($281 million) in targeted synergies measured by adjusted earnings before interest and tax.
True scale demands moving beyond surface-level integrations to robust execution. We’ve filtered the noise out of Moonshot 2026, optimising the conference strictly for high-calibre connections between startup founders, global financial operators, enterprise leaders and individuals rewiring Africa’s technical frameworks. Get 20% off Early Bird tickets for a limited time.
