Ten months after completing its takeover of MultiChoice, Canal+ is beginning to produce the kind of results that investors have been waiting to see. The French media group reported a 40% year-on-year increase in subscriber acquisitions across former MultiChoice markets during the first half of the year, while adjusted operating profit rose 160% to €143 million ($162 million). In South Africa, June delivered the strongest month for new subscriber acquisitions in a decade, suggesting the company is starting to regain commercial momentum after several difficult years for Africa’s largest pay-TV operator.
The latest performance matters because it reflects far more than a strong set of financial results. Since taking control of MultiChoice, Canal+ has steadily reshaped the business around a strategy that acknowledges the realities of African television markets instead of attempting to copy the streaming-first approach that has become common elsewhere. The company has focused on making pay television easier to access, simplifying its product portfolio and protecting the premium content that still persuades people to pay for a subscription.
A major part of that strategy has been reducing the barriers that discourage new customers from signing up. Canal+ cut decoder prices for new subscribers by as much as 40%, lowering one of the largest upfront costs associated with joining DStv, while also expanding its physical sales network by more than 15% since March. That decision reflects an understanding that, although digital channels continue to grow, many customers across African markets still begin their subscription journey through retail stores and field sales agents rather than online platforms.
At the same time, Canal+ has expanded DStv Stream, allowing households to subscribe without installing a satellite dish. Customers with a reliable internet connection can access the service through a subscription alone, giving the company another route to reach audiences whose viewing habits have shifted toward connected devices. Rather than treating streaming as the future and satellite as the past, Canal+ has built a model that accommodates both, recognising that broadband availability, affordability and consumer preferences vary considerably across the continent.
Content remains just as important as distribution, and Canal+ continues to place live sport at the centre of its strategy. The company has secured long-term rights to South Africa’s Premier Soccer League, along with the 2027 Men’s Rugby World Cup and the 2029 Women’s Rugby World Cup, strengthening SuperSport’s position as one of the continent’s most valuable sports broadcasters. Those investments reflect a simple commercial reality: while films and television series face intense competition from global streaming platforms, premium live sporting events remain one of the few categories of content that consistently encourage customers to maintain paid subscriptions.
The company’s approach to streaming has also become clearer over recent months. In April, Canal+ discontinued Showmax as a standalone business and folded its streaming ambitions into a more integrated offering centred on DStv Stream. Seen in isolation, the move appeared to signal a retreat from streaming, but within the context of the wider turnaround it looks more like an effort to simplify the business, reduce overlapping products and concentrate investment on services that fit within a unified customer experience.
The financial results suggest those operational changes are beginning to deliver measurable returns. Canal+ says it has already achieved roughly half of its current €250 million annual synergy target, with MultiChoice operations contributing around €120 million in operating improvements during the first half of the year. That represents an important milestone because, when the acquisition was completed, management identified stronger premium content, revised pricing, wider distribution and simpler operations as the foundations of its turnaround programme. Many of those initiatives are now visible not only in the company’s strategy but also in its commercial performance.
There are still challenges ahead. Household budgets remain under pressure in many African markets, streaming competition continues to intensify and broadband infrastructure remains uneven, limiting how quickly internet-based television can expand. Stronger subscriber acquisition also does not necessarily mean overall subscriber numbers have fully recovered after years of declines, making customer retention just as important as attracting new households.
Even so, the latest results suggest Canal+ has identified where the next phase of growth is most likely to come from. Instead of betting everything on a rapid shift to streaming, the company has adapted its strategy to local market conditions by lowering the cost of joining pay television, maintaining multiple ways for customers to access its services and continuing to invest in premium live sport. Ten months after taking control of MultiChoice, Canal+ is beginning to demonstrate that its turnaround strategy is producing tangible commercial results rather than remaining an ambitious integration plan.
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