MultiChoice revenue fell 3% on a like-for-like basis in the nine months to 30 September 2026, with Canal+, its French owner, blaming lower subscription revenue in South Africa. The figures come from the group’s nine-month trading update of 22 October, which is listed on Canal+’s results and publications page and was summarised by Advanced Television. On a restated reported basis, MultiChoice revenue actually rose 0.4%, because a favourable currency effect masked the underlying fall.
Like-for-like figures strip out currency and changes in the group’s make-up, so they are the better guide to how the business is trading. The decline eased in the third quarter to 2%, from 3.4% in the first half, according to TechCentral. Canal+ partly credited easier comparisons with last year’s sports calendar.
What Canal+ said about subscribers
Canal+ did not publish subscriber numbers for MultiChoice in this update. It said the subscriber base across Africa and Asia “normalised” in the third quarter, as expected, after a boost from the FIFA World Cup in the first half of 2026, as ITWeb reported.
That leaves the clearest recent count of DStv’s South African losses in MultiChoice’s last annual report, for the year to 31 March 2025. BusinessTech reported that the company lost 589,000 South African subscribers in that year, leaving about 7 million. Group blended average revenue per user fell 3%, from R229 to R222, and MultiChoice blamed competition from international streaming services.
On the Canal+ investor call, management gave little detail on subscribers or revenue per user. A transcript summary on Investing.com shows executives crediting part of the Q3 improvement to World Cup advertising and the South African local derby known as “The Greatest Rivalry”. They said getting back to growth “is not completely under our control”, and that a meaningful recovery will take time and may not show fully until 2028.
New DStv packages and sport rights
MultiChoice relaunched its South African line-up on 17 September 2026. According to TechCentral, Access, Family and Compact were replaced by Starter, Select and Sports, and a Movies & Series package was added below Premium. Starter costs R150 a month on satellite, Select R339 and Sports R479, with existing customers moved across at their current prices.
Because the relaunch came about two weeks before the quarter ended, the results say little about its effect. Management told analysts it was too early to judge, though it described the early reception as good. Local soccer is now part of the basic offer, and the company said distribution partnerships are planned, with an impact not expected before 2028.
Canal+ chief executive Maxime Saada said: “We are making good progress with the MultiChoice turnaround plan.” The group also said the simplified offer will roll out across English- and Portuguese-speaking Africa in the coming months. In sport, it secured exclusive rights to all UEFA men’s club competitions in more than 40 African countries from 2027 to 2031, plus the 2027 Africa Cup of Nations and its qualifiers.
The group picture
Canal+ group revenue rose 37.5% to about €6.41 billion on a restated basis, mainly because MultiChoice is now consolidated, but was down 0.3% like-for-like. Excluding MultiChoice, revenue grew 1.3% restated and 0.8% like-for-like, helped by French-speaking Africa. Africa and Asia revenue excluding MultiChoice grew 10.2% like-for-like, while including MultiChoice it rose just 0.7%.
Canal+ said it remains “well on track” to deliver its 2026 synergies target and full-year guidance of flat revenue and adjusted EBIT of €735 million.
The first-half results gave more context. AJ Bell reported that Canal+ revenue rose 40% to €4.29 billion in the six months to 30 June, with adjusted EBIT up 68% to €433 million, helped by seasonal effects. Canal+ also expects about €250 million in synergies this year.
For related reading, see our report on the Moment funding round backed by MultiChoice and Canal+, our look at how South Africans are cutting streaming spending, and our coverage of ICASA’s withdrawn inquiry into streaming platforms.
