The company has demonstrated remarkable resilience and achieved profitability, solidifying its position as a leader in African entertainment.
Multichoice’s FY2023 financial resultshave announced the entertainment Group’s return to profitability, marking a significant milestone in the company’s journey.
MultiChoice attributes its turnaround to its dedication to telling African stories and its ongoing investment in local content, which has been a driving force behind its success in a highly competitive sector.
“Our industry has faced numerous challenges in recent times,” said 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.
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.
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.
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, Multichoice 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.
“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.”
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