MultiChoice Africa Returns to Profitability, Affirms Commitment to African Entertainment
JOHANNESBURG, South Africa, June 13, 2023/ -- MultiChoice Africa Holdings (“MultiChoice Africa”) (www.MultiChoice.com) has demonstrated remarkable resilience and achieved profitability, solidifying its position as a leader in African entertainment.
With the release of MultiChoice Group's (MCG) FY2023 financial results, MultiChoice Africa proudly announces its return to profitability, marking a significant milestone in the company's journey.
Despite challenging market conditions, MultiChoice Africa's unwavering dedication to telling African stories and its ongoing investment in local content has been a driving force behind its success in a highly competitive sector. It has demonstrated its commitment to growing, amplifying and multiplying Africa through the power of entertainment, the power of its stakeholders and the power of its people, evident through this promising set of results.
"Our industry has faced numerous challenges in recent times," says Fhulufhelo Badugela, Chief Executive Officer of MultiChoice Africa. "However, we have risen above these challenges, leveraging our strengths to overcome them, and that is something we take great pride in."
Over the past financial year, MultiChoice's Rest of Africa business not only returned to profitability but also expanded its consumer services ecosystem. With the FIFA World Cup and popular local content such as Big Brother Naija, the Rest of Africa business witnessed substantial growth, adding 1.4 million 90-day active subscribers and reaching over 14 million households across the continent.
Driven by its commitment to local storytelling, the broader MultiChoice Group invested in local content, empowering African talent and fostering a thriving creative industry. In its financial year 2023, local content accounted for 50% of the Group’s total general entertainment spend, surpassing this target one year earlier than expected. The group's local content library now boasts over 76,000 hours, with local content production delivering a 9% year-on-year increase to 6,587 hours.
Despite liquidity challenges in Nigeria, MultiChoice Africa successfully repatriated cash throughout the year. The company also launched five additional local channels across the continent, including Uganda, Ethiopia, and Ghana, while popular shows continued to achieve record viewership across various platforms.
As Africa's unrivalled champion in sports entertainment, MultiChoice Africa delivered the best action from across the globe to its fans through SuperSport. The company's highlights included the live broadcast of all 64 FIFA World Cup matches, accompanied by local language commentary in 11 languages across eight markets.
Furthermore, the MultiChoice Group has partnered with Comcast's NBC Universal and Sky to drive Showmax's market leadership in streaming on the continent. This partnership will ensure customers have access to a more diverse range of local and international content, supported by Peacock's world-class, scalable platform.
In May MultiChoice announced a joint venture called Moment, which will be offering expanded payment infrastructure across Africa. Moment aims to transform the African payments landscape by making digital payments more accessible and reliable for domestic, cross-border and global payments.
"With the investments made over the past year, we are on track to transform from a traditional pay-TV platform to a broader ecosystem underpinned by technology."
By continuing to invest in African stories, MultiChoice Africa is committed to cementing its position as a platform for local storytellers, celebrating and sharing the rich heritage and cultural tapestry of the continent with the world.
"As we navigate this ever-evolving industry, we stand strong, ready to deliver compelling African content that captures the hearts and minds of audiences across the continent," concludes Badugela. "We are excited about our prospects and remain dedicated to making significant strides toward a profitable future as Africa's most loved storyteller."