Showmax subscriber growth soars after relaunch

Showmax 2.0, a joint venture between MultiChoice (70% share) and Comcast’s NBCUniversal (30%), rolled out in February 2025. Its first year focused on enhancing content, securing distribution partnerships, expanding payment channels, and refining its market strategy. This period was Showmax’s peak investment phase, leading to a substantial increase in content and platform costs.

Consequently, Showmax’s trading losses expanded by approximately 88%, from R2.64 billion in FY2024 to R4.95 billion. Revenues also declined from R1.32 billion to R1.05 billion, impacted by higher-than-expected customer churn and initial distribution partnership challenges. However, MultiChoice noted that excluding the discontinued Showmax Pro and Diaspora products, organic revenues grew 5% year-over-year.

The financial outlook is expected to improve as technology costs decrease. MultiChoice indicated that while Showmax 2.0 has lagged initial growth targets, it has still achieved healthy subscriber growth and gained regional market share. The company sees significant long-term potential in Africa’s broadband and streaming penetration, though further evolution in internet data pricing is needed. Macro-economic challenges, particularly in Nigeria, have also impacted short-term pricing.

Despite hurdles, Omdia research confirmed Showmax was Africa’s largest video streaming service by customers by late 2023.

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To compete with international giants, MultiChoice heavily invested in both in-house and third-party content. Leveraging local content from DStv channels, Showmax produced 82 Originals, up from 59 previously. Local shows like Youngins Season 2 and Adulting Season 3 broke platform records for views and acquisitions. The Real Housewives: Ultimate Girls Trip South Africa had the highest unique reality show views, and Tracking Thabo Bester topped documentary views.

MultiChoice emphasized that these local successes demonstrate its commitment to engaging, high-quality content for African audiences. Internationally, Showmax secured popular titles including Dune: Prophecy, House Of The Dragon, and True Detective: Night Country. Showmax’s Premier League service also expanded, adding live streaming of all South African Premier Soccer League games and elements of Euro 2024 and the Olympics.