Canal+ has adjusted its outlook on reviving MultiChoice, noting that the pay-TV operator’s subscriber base remains unstable despite a temporary boost from the World Cup.
World Cup masked underlying challenges
During a recent call with analysts, CEO Maxime Saada stated that the group’s half-year results depended heavily on the Fifa World Cup. The numbers would not have been as strong without it.
Saada confirmed the event helped stabilize MultiChoice’s subscriber base after years of decline. He avoided calling it a full recovery. “It is too soon to say we have achieved the turnaround.”
The cautious tone differed from the company’s earlier press release, which declared a “MultiChoice turnaround under way.” Saada’s comments indicated that claim may have been premature.
Subscriber growth across MultiChoice’s markets rose 40% compared to the previous year. June saw the highest number of new sign-ups in South Africa in ten years. The increase followed Bafana Bafana’s opening match against Mexico on June 11. Only three weeks of the tournament fell within the half-year reporting period ending June 30, leaving the knockout stages and retention efforts for later in the financial year.
Retention will test the strategy
Saada recognized the difficulty ahead. “The World Cup is a one-time event, and retaining new subscribers will require effort.” The company has focused on live sports, securing rights to the Premier Soccer League and the 2027 and 2029 Rugby World Cups across sub-Saharan Africa.
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The last reported subscriber count was 14.4 million at the end of 2025, down from 14.9 million the year before. Tuesday’s results did not include an updated figure. The CEO said the decline had been halted in the first half, but the coming months will show whether the World Cup’s impact lasts.
MultiChoice has struggled with competition from cheaper streaming services and economic pressures in its key markets. Its reliance on exclusive sports rights is not new, but success now depends on whether casual viewers who joined for the tournament stay for less popular events.
Major tournaments have previously hidden weaknesses in the pay-TV model. In 2010, South Africa’s World Cup attracted record audiences, but many subscribers left afterward. Streaming services now offer flexible, ad-supported options that challenge traditional pay-TV pricing. Canal+ must convince viewers that its full package is worth the cost.
The company remains cautious. Saada’s remarks were careful, even as the results showed improvement. The next six months will determine if the World Cup marked a real shift or just a short-term gain.
Recent industry shifts have also affected other companies in the region. Staff reductions at digital currency platforms highlight broader economic pressures.