MultiChoice’s TV empire shrinks – but its side hustles are holding strong

MultiChoice might be struggling in its core pay-television business, but its other bets are doing okay – and some are performing well.

TechCentral reported on Wednesday that MultiChoice has lost 1.2 million subscribers in its pay-TV business in the past year, while it reporting a staggering R2.3-billion in trading losses, in part related to costs related to the relaunch of streamer Showmax.

But its diversified businesses, which focus on sectors such as security, fintech, insurance and sports betting – although not shooting the lights out – showed significantly better performance figures.

Nigerian sports betting giant KingMakers stood out as a star performer in the MultiChoice portfolio. Net gaming revenue grew by 76% on an organic basis to US$106-million (R1.9-billion), although reported revenue dropped 30% to $103-million due to a weak naira.

KingMakers operates as BetKing in Nigeria and as SuperSportBet in South Africa. Post the group’s year-end, the KingMakers board declared an $11-million dividend of which MultiChoice will receive $5.6-million.

“KingMakers delivered a solid performance in terms of organic growth and operational execution,” MultiChoice said. “This was underpinned by a strong improvement in the underlying operating performance of the Nigerian business due to a better customer cohort, as well as revenue generation in the newly launched South African business.”

Fintech, insurance

NMS Insurance Services (NMSIS) grew revenue by 17% year on year to R1.1-billion, with trading profit up 13% to R425-million. Although the number of policyholders fell 13% year on year to 2.9 million, a shift from lower average revenue per user (Arpu) device insurance policies to higher-Arpu device care policies contributed to positive revenue growth.

MultiChoice in November 2024 sold a 60% stake in NMSIS to Sanlam, adding R1.2-billion to the group’s cashflow. However, free cashflow remained under pressure, eroded by the decline in profit and higher lease payments, resulting in net cash outflows of R500-million (R600-million of inflows a year ago).

Read: Why MultiChoice is having a fintech Moment

The group’s fintech offering, Moment, is also on a positive trajectory. Having just completed its first full year of operation, Moment facilitated payment transactions to the tune of $635-million (R11.2-billion) in 2025. Moment carries just over 50% of MultiChoice Group’s own payments and played a key role in supporting payments for the relaunched Showmax.

“During the year, Moment launched voucher management to unlock strategic distribution channels for Showmax, improved in-store payment collections during load shedding and network outages for DStv, and launched ‘Pay on TV’ by QR code to improve subscriber activity for DStv,” said MultiChoice.

The group’s digital security business Irdeto delivered a 5% increase (8% organic) in revenue, with positive input from its three markets segments: video entertainment, gaming and connected transport. Irdeto also protects the group’s core business by monitoring and stamping out piracy of MultiChoice content. The broadcaster said there was a 63% year-on-year increase in the number of piracy services that were raided or disconnected in 2025.

“The group’s performance was mixed, as the effects of a severely stretched consumer environment, combined with foreign currency and other macro headwinds, were countered by accelerated cost savings and cash management initiatives,” said MultiChoice.  – © 2025 NewsCentral Media

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