South Africans and their African counterparts are dumping DStv as they move to more affordable streaming services.
MultiChoice’s financial results for the year ended 31 March 2024 showed it lost 9% of its active subscribers over the last year.
“The South African economy continues to endure severe economic pressure, with consumers under financial distress due to high inflation and interest rates,” it said. It explained that Premium and Compact Plus DStv packages declined by 8%. Premium bouquets were more stable than the Compact Plus offering.
The reality is that DStv has become a luxury which many South African and African households are not willing to spend money on.With increased broadband penetration rates and lower data costs, South Africans are migrating from DStv to these streaming services. Weaker subscriber trends and foreign exchange pressures affected group trading profit, down 21% to R7.9 billion.
Simply put, MultiChoice cannot settle all its liabilities if all its assets are liquidated. This is a dismal state for a company.
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