DStv, owned by MultiChoice, has lost far more subscribers in South Africa in the last two years than it appears from its reporting, according to Moneyweb.
According to the group, its “active” subscriber base declined from eight million on 31 March 2023 to seven million on 31 March 2025.
The drop in subscribers accelerated from 400 000 in the prior year to 600 000 last year.
However, this is only the specific number of active customers on that date.
DStv is very aggressive in ensuring that customers are active at the end of March each year (and at the end of September) given its financial reporting.
It introduced a new metric in FY21 which measures customers who had an active subscription at any point within the 90 days before the reporting date.
On this measure, its base dropped from 9.3 million in March 2023 to 7.9 million in March 2025, equal to 1.4 million.
The declines are across the board in its premium, mid-market and mass market segment, but the first two are leading with drops of 22% to 23% each.
The premium segment includes the Premium and Compact Plus packages, while mid-market comprises its Compact and Commercial packages.
The mass market segment has seen an 11% decrease in subscribers over the last two years.
In its rest of Africa business, the decline on the 90-day active metric is even worse. Here, the number of subscribers has dropped from 14.2 million in March 2023 to 10.7 million in March 2025.
This is a 25% decline, or 3.5 million subscribers. In this business, the premium segment is flat over two years, mid-market is down 14% and mass market by 29%.
Its business in Nigeria continues to battle currency devaluation, with its share of subscription revenue across the African operations dropping from 44% in FY23 to just 26% in FY25.
In rand terms, subscription revenue in Nigeria is down from R9.1 billion two years ago to R3.5 billion now.
The group took a R2.8 billion foreign exchange hit in Nigeria, with the naira depreciating 44%.
This, coupled with other forex impacts, saw its R1.3 billion reported trading profit in Africa swing to a R800 million loss.
Somehow it tries to illustrate a R2.3 billion “organic” profit, before the currency impacts.
Price increases (averages of 5.6% in 2023 and 5.7% in 2024) were not enough to offset the subscriber declines.
Subscription revenue in South Africa has declined from R27.3 billion in FY23 to R25.7 billion in the year to end March 2025.
Not only is the macro-economic environment weighing on consumers, it also highlights the impact of “piracy, streaming options and social media”.
