How MultiChoice Is Betting Big on DStv Stream and Fintech to Survive Africa’s Streaming War
- MultiChoice shifts focus from traditional pay-TV to premium streaming with DStv Stream and a fintech platform
- DStv Stream saw a 139% subscriber surge post-relaunch, catering to higher-paying customers seeking premium content
- Moment processed $635 million in transactions in 2025, solidifying its role as a key asset for MultiChoice
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
After shutting down Showmax, MultiChoice is placing its future on two fast-growing businesses: premium Internet streaming and digital payments.
While the company still dominates Africa’s pay-TV market with 14.5 million subscribers, the next phase of growth is no longer tied to satellite dishes and decoders. Instead, MultiChoice is betting heavily on DStv Stream and fintech platform Moment as pressure mounts on its traditional television business.
Source: Getty Images
The move reflects a broader transformation within the company as it tries to adapt to changing consumer habits, rising operating costs, and growing competition in Africa’s entertainment market.
Why DStv Stream became the preferred bet
Unlike Showmax, which targeted mass-market mobile users with lower subscription prices, DStv Stream focuses on premium customers willing to pay more for live television, sports, and on-demand entertainment without installing a decoder or satellite dish, according to a report by TechCabal.
Originally launched as DStv Now before its 2023 relaunch, the platform offers more than 150 live channels, including SuperSport, news, movies, and entertainment programming.
The strategy appears to be paying off.
Following the relaunch, DStv Stream’s standalone subscriber base surged by 139%, with over 90% of new users reportedly coming from customers who had never previously subscribed to MultiChoice services.
Revenue from the streaming platform nearly tripled in 2024 and grew another 48% in 2025, according to company figures.
The attraction lies in profitability. While Showmax relied on millions of lower-paying users to justify expensive content licensing costs, DStv Stream generates higher revenue per subscriber because it caters to premium consumers.
Decoder-free streaming cuts costs
Another major advantage for MultiChoice is cost reduction.
Traditional satellite TV requires the company to subsidise decoders, one of its biggest expenses. In 2024 alone, MultiChoice spent $132 million subsidising decoders. By 2025, that figure had dropped sharply to $54 million as more users migrated to Internet streaming.
Every DStv Stream customer costs significantly less to acquire and maintain compared to a satellite subscriber.
The company is now trying to convert former Showmax users into DStv Stream customers by offering free trials and discounted entry-level packages.
Despite these gains, challenges remain.
MultiChoice lost about 96,000 Premium and Compact Plus subscribers in 2025 as rising living costs pushed some customers away from expensive pay-TV packages. However, DStv Stream’s cheaper Internet-based model may help soften those losses.
Canal+ backs MultiChoice’s new direction
French media giant Canal+ is also reinforcing MultiChoice’s transition strategy.
The company has committed about $115 million in investments, a move expected to strengthen local content production and deepen streaming expansion across Africa.
Popular African productions such as Adulting, Youngins, and The Real Housewives franchise continue attracting strong viewership and could become central to the company’s streaming ambitions.
Moment emerges as a fintech powerhouse
Beyond entertainment, MultiChoice is rapidly building a payments business through Moment, a fintech platform partly owned by the company.
Moment was initially launched to reduce the more than $60 million MultiChoice spent yearly on third-party payment processing fees.
The business has since evolved into one of the company’s fastest-growing assets.
In 2025, Moment processed $635 million in transactions, up from just $85 million the previous year. The platform now handles 56% of MultiChoice’s payment volumes across its markets and as much as 81% within South Africa.
Moment also operates across 44 markets and connects with more than 200 payment partners, including real-time payment systems in 18 countries.
Smaller businesses fail to match growth potential
Other subsidiaries, such as Irdeto, NMS Insurance Services, and betting platform KingMakers, continue contributing revenue, but none currently match the strategic importance of DStv Stream and Moment.
Source: Getty Images
While KingMakers remains profitable in Nigeria, currency volatility and stiff competition from brands like Betway and Hollywoodbets continue weighing on performance.
For MultiChoice, the message is becoming increasingly clear: the future lies in streaming, fintech, and bundled digital services rather than traditional television alone.
DStv Stream migration sparks outrage
Legit.ng earlier reported that former Showmax subscribers have expressed frustration and disappointment after discovering that several of their favourite shows were not transferred to DStv Stream following the streaming platform’s shutdown.
Many users say they expected a seamless transition after MultiChoice announced that selected Showmax Originals and other titles would be moved to a dedicated section within the DStv Stream app.
Instead, they claim they have been left without access to ongoing series and incomplete seasons they were actively watching.
Source: Legit.ng
