MultiChoice Africa Returns to Profitability
A pioneer in African entertainment, MultiChoice Africa Holdings (“MultiChoice Africa”) (www.MultiChoice.com) has shown to be remarkably resilient and profitable.
MultiChoice Africa proudly celebrates its return to profitability with the release of MultiChoice Group’s (MCG) FY2023 financial figures, marking an important turning point in the company’s history.
MultiChoice Africa’s consistent commitment to conveying African stories and its continued investment in local content have been a driving force behind its success in a highly competitive industry, despite difficult market conditions. Through this encouraging collection of outcomes, it has proven its dedication to expanding, amplifying, and multiplying Africa through the power of entertainment, the power of its stakeholders, and the strength of its people.
According to Fhulufhelo Badugela, Chief Executive Officer of MultiChoice Africa, “Our industry has recently encountered a number of issues. “However, we have overcome these obstacles by utilizing our strengths, and that is something we are extremely proud of.”
The Rest of Africa division of MultiChoice increased its ecosystem of consumer services while also returning to profitability over the previous fiscal year. The Rest of Africa business saw significant growth thanks to the FIFA World Cup and well-liked local programming like Big Brother Naija, acquiring 1.4 million 90-day active subscribers and reaching over 14 million households around the continent.
The larger MultiChoice Group invested in local content as a result of its dedication to supporting local storytelling, developing African talent, and promoting a healthy creative sector. Local content contributed for 50% of the Group’s overall general entertainment expenditure in its fiscal year 2023, exceeding this goal one year faster than anticipated. Over 76,000 hours of local material have been added to the group’s library, and local content production has increased by 9% year over year to 6,587 hours.
MultiChoice Africa effectively repatriated money throughout the year despite Nigeria’s liquidity issues. The business also introduced five more regional channels across the continent, including ones in Ghana, Ethiopia, and Uganda, as record viewership for popular programming was maintained across all platforms.
MultiChoice Africa, the undisputed leader in sports entertainment in Africa, provided its viewers with the best action from around the world with SuperSport. The live broadcast of all 64 FIFA World Cup games, including local language commentary in 11 languages across eight regions, was one of the company’s highlights.
Additionally, the MultiChoice Group has joined forces with Comcast’s NBC Universal and Sky to support Showmax’s dominance of the continent’s streaming market. Through this alliance, users will have access to a wider variety of local and foreign content, all supported by Peacock’s top-notch, scalable platform.
Moment, a collaborative venture that would provide extended payment infrastructure across Africa, was introduced by MultiChoice in May. Moment aspires to change the African payments landscape by improving the usability and dependability of digital payments for local, international, and cross-border transactions.
We are on track to transition from a typical pay-TV platform to a larger ecosystem supported by technology thanks to the investments made over the previous year.
MultiChoice Africa is dedicated to maintaining its position as a platform for regional storytellers and to honoring and showcasing the rich cultural diversity of the continent by continuing to invest in African stories.
As we negotiate this constantly changing sector, we remain firm and are prepared to provide captivating African content that captivates consumers across the continent, says Badugela. We are optimistic about the future and remain committed to working hard to become the most popular storyteller in Africa.
