Broadcasting
Multichoice Nigeria Faces Revenue Decline Amid Economic Challenges
MultiChoice Nigeria’s subscription revenue declined by 44 per cent to $197.74m in the financial year ended March 2025, down from $355.93m recorded in the same period a year earlier, as rising inflation and a worsening economic climate triggered a mass exit of subscribers.
The sharp revenue drop was driven by “sizeable customer losses in Nigeria as high inflation adds more pressure on consumers,” the company said in its latest financial report. Inflation stood at 23.71 per cent in April 2025, according to the National Bureau of Statistics.
The pay-TV provider has lost 1.4 million subscribers in Nigeria since its financial year ended in March 2023.
Nigeria alone accounted for 77 per cent of the 1.8 million subscribers lost across MultiChoice’s Rest of Africa segment, which includes markets such as Kenya, Zambia, and Angola.
Between April and September 2024, the company lost 243,000 subscribers in Nigeria, as macroeconomic and consumer conditions deteriorated further.
At the close of its 2025 fiscal year, MultiChoice reported 14.5 million total subscribers, with 7.5 million of them in RoA. The group attributed part of the overall decline in performance to foreign exchange losses resulting from a 44 per cent depreciation of the naira against the US dollar.
MultiChoice said it incurred foreign exchange losses of $158.19m and managed to remit only $133m from Nigeria at an average exchange rate of N1,589 per dollar, compared to $184m at N1,044 per dollar in the previous year.
“Nigeria’s economic challenges had a significant impact on our Rest of Africa operations, contributing to a 23 per cent drop in RoA subscription revenue to $779.66m,” said Chief Executive Officer, MultiChoice Group, Calvo Mawela.
Total subscription revenue, including South Africa, declined by 11 per cent year-on-year to $2.27bn. Overall group revenue fell nine per cent to $2.87bn, while operating profit declined by 34 per cent to $263.50m. Trading profit dropped by nearly half to $228.14m.
“Our performance reflects both the challenges we’ve faced and the resilience of our teams,” said Mawela. “While macroeconomic pressures and currency volatility have weighed on our results, our disciplined execution, cost management, and investment in new long-term growth opportunities position us well for the future.”
In spite of its declining linear subscriber base, down 2.8 million across two financial years, MultiChoice reported notable growth in its digital and streaming businesses.
DStv Internet revenue rose 85 per cent, KingMakers grew by 76 per cent in constant currency, DStv Stream increased 48 per cent, and Showmax saw a 44 per cent year-on-year rise in active paying customers.
“Our strategy is shaped by developments in our industry, such as changes in technology which are driving shifts in consumer behaviour, as well as the impact of a rise in piracy, streaming services, and social media,” Mawela said.
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Nigerian Institute of Public Relations (NIPR) has announced the postponement of its maiden annual Public Relations, Reputation, Ideas, Concepts and Excellence (PRICE) Awards and Prizes to January 25, 2026.
NIPR
The event, earlier scheduled for December 7, 2025, was deferred to accommodate stakeholders whose observance of Christmas festivities had commenced earlier than expected.
Chairman of the Organising Committee, Mr. Israel Opayemi, urged stakeholders to note the new date and prepare to participate in the ceremony.
He said the awards would motivate professionals, practitioners and scholars, while enhancing Nigeria’s global competitiveness in the public relations ecosystem and strengthening brand equity for all stakeholders.
Opayemi reaffirmed the Committee’s commitment to delivering a best-in-class award administration and ceremony, describing the PRICE Awards as a credible and enduring platform to identify, celebrate and elevate outstanding individuals, campaigns and organisations shaping the public relations landscape across sectors.
The development of the PRICE Awards peaked in September 2025 when the NIPR President and Chairman, Council, Dr. Ike Neliaku, inaugurated a 12-man committee to organise the maiden edition. The inauguration followed the Council’s adoption of the report of a technical team tasked with establishing the awards.
Netflix has announced a landmark agreement to acquire Warner Bros. and HBO Max in a transaction valued at $82.7 billion, a move analysts say will reshape the global entertainment industry.
Netflix
The deal, which includes Warner Bros.’ film and television studios, HBO, HBO Max, and Warner Bros. Games, was unanimously approved by the boards of both companies. Under the terms, Warner Bros. Discovery (WBD) shareholders will receive $23.25 in cash and $4.50 in Netflix shares for each WBD share.
Netflix co-CEO Ted Sarandos described the acquisition as “a defining moment” for the streaming giant, noting that the company intends to maintain Warner Bros.’ current operations while expanding its production capacity.
“By combining Warner Bros.’ incredible library of shows and movies with Netflix’s culture-defining titles, we can give audiences more of what they love and help define the next century of storytelling,” Sarandos said.
The transaction is expected to close within 12 to 18 months, following the planned spin-off of WBD’s TV networks division, Discovery Global, in 2026. Netflix projects annual cost savings of $2–3 billion by the third year after completion and expects the deal to be accretive to earnings per share by year two.
Industry groups, including the Directors Guild of America and Cinema United, have raised concerns about the impact on movie theaters, while regulators are expected to scrutinize the deal over antitrust issues. Netflix has pledged to continue supporting theatrical releases, with Warner Bros.’ cinema commitments running through 2029.
Warner Bros. Discovery CEO David Zaslav hailed the agreement, saying it “combines two of the greatest storytelling companies in the world to bring to even more people the entertainment they love.”
Observers note that the acquisition comes 15 years after former Time Warner chief Jeff Bewkes dismissed Netflix as “the Albanian army,” underscoring the dramatic shift in the entertainment landscape.
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