If you’ve been wondering why fewer people talk about DStv or GOtv these days, you’re not alone. Between 2023 and 2025, Multichoice loses 1.4 million subscribers in Nigeria, a massive drop that reflects the changing tide in Nigeria’s entertainment and economy.
In this article, we break down why Multichoice loses 1.4 million subscribers, how DStv price hikes played a major role, and what it means for Nigerians and the future of TV.
We’ll keep things simple and straight to the point so that anyone can understand it.
The Numbers
According to Multichoice Group’s financial report for the year ended March 2025, their Nigerian operation lost 1.4 million subscribers in just two years.
The data reveals this:
- In 2023, Rest of Africa (RoA) had 9.3 million subscribers.
- By March 2025, this number had dropped to 7.5 million.
- Nigeria alone accounted for 77% of this loss, confirming that Multichoice loses 1.4 million subscribers mainly from the Nigerian market.
So why are Nigerians unsubscribing at such a high rate?
The DStv Price Increments (A Major Factor)
Let’s not sugar-coat it: DStv and GOtv prices have gone up three times between 2023 and 2024.
- First increase: April 2023
- Second increase: November 2023
- Third increase: April 2024 (effective May 1)
With inflation already draining wallets, these repeated hikes pushed many Nigerians to cancel their subscriptions. The pain was real, and the numbers show it clearly.
This price war didn’t just affect DStv. It affected the entire Multichoice Nigeria revenue stream.
Falling Subscription Revenue and Profits
Alongside the loss in subscriber count, subscription revenue also dropped badly:
- 2024 Revenue: $355.93 million
- 2025 Revenue: $197.74 million
- Loss: 44% drop in just one year
It’s not just about losing subscribers. The naira’s value also crashed, and that hit Multichoice hard when converting money back to dollars.
- The company recorded a foreign exchange loss of $158.19 million.
- Multichoice could only remit $133 million from Nigeria in 2025, down from $184 million in 2024.
Again, this paints a clear picture: Multichoice loses 1.4 million subscribers, and they’re losing money too.
Nigerian Economy (The Elephant in the Room)
Yes, DStv raised prices, but the broader Nigerian economy also made things worse.
- Inflation: 23.71% as of April 2025
- Fuel scarcity: Common across major cities
- Unstable electricity supply: A daily struggle
- Naira depreciation: 44% drop, now averaging N1,589/$
With these challenges, many families simply couldn’t afford satellite TV. Some turned to streaming or free alternatives. Others stopped watching entirely.
Streaming and Piracy
As Nigerians ditch DStv, they’re not just giving up on entertainment. They’re switching platforms.
Multichoice noted that competition from:
- Streaming platforms (e.g. Netflix, Amazon Prime, YouTube)
- Piracy (free downloads or illegal streaming)
- Social media content (TikTok, Instagram Reels)
… these alternatives have changed how Nigerians consume content.
Even Multichoice admitted that structural industry shifts are playing a major role in subscriber exits.
A Bit of Good News for Showmax and DStv Internet
Despite the gloom, Multichoice saw growth in digital services:
- DStv Internet: Up by 85%
- DStv Stream: Up by 48%
- Showmax active users: Up by 44%
This suggests that while Multichoice loses 1.4 million subscribers, it may be gaining some back through digital platforms. But it’s not nearly enough to balance the books yet.
Revenue, Profit, and Market Survival
Across its entire operation (not just Nigeria), Multichoice saw:
- Total revenue down: 9%
- Subscription revenue drop: 11%
- Operating profit down: 34%
- Trading profit down: 49%
They’re also battling a $576 million hit from currency losses over two years.
Yet, the company is not giving up. CEO Calvo Mawela said Multichoice is focused on cost-cutting, strategic investments, and new long-term growth plans. But whether these efforts will pay off is still uncertain.
Also Read: 7 Nigerian States Where Small Businesses Thrive on a Budget
Will There Be More Price Increases?
Multichoice has not yet confirmed another DStv price hike. But based on their history (three increases in two years), another one wouldn’t be surprising.
However, with over 1.4 million subscribers gone, they may think twice. Nigerians are already exploring better or cheaper alternatives.
What Can Multichoice Do Differently?
If they want to stop the bleeding, Multichoice needs to:
- Offer more flexible, cheaper packages
- Partner with local payment services for easier access
- Improve streaming quality and mobile access
- Reduce reliance on naira-to-dollar conversions
The Lessons in This Decline
Here’s the truth: business is not just about the product, it’s about timing, pricing, and real-world understanding.
When inflation is high, electricity is unstable, and fuel is scarce, people can’t afford luxuries, even if those luxuries used to be common. That’s what happened to DStv.
Multichoice loses 1.4 million subscribers not just because of its own decisions, but because the world around it changed, and it didn’t move fast enough.
But there’s still hope. If the company listens, adapts, and gives Nigerians what they truly need, affordable, flexible entertainment, they might bounce back. But this isn’t so easy either, considering they have to make profits like every other business out there.
Let’s wait and see what happens in 2026.
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