Canal+ shuts down loss-making Showmax Streaming Platform MultiChoice tells subscribers the platform will be discontinued after a review as FY2025 results show a ZAR4.947 billion loss (US$300.2 million) despite 44% subscriber growth.

French media giant Canal+ has decided to shut down Showmax, the streaming platform developed by MultiChoice, after years of mounting losses that underscored the difficulty of building a profitable subscription video service across Africa.

The decision was communicated to subscribers in a customer notice dated 5 March 2026, marking the beginning of what the company described as a gradual transition away from the platform.

In the message sent to customers, MultiChoice said the decision followed an internal review of the service and its long term viability.

“Following a comprehensive review, the Showmax Board has taken the decision to discontinue the Showmax service in the near future,” the company said.

“This decision reflects our focus on strengthening our overall digital offering and ensuring long term sustainability in an increasingly competitive streaming environment.”

The company reassured users that the service would continue operating for now.

“Importantly, at the moment there will be no interruption to your current service. You can continue streaming as usual, and no action is required from you at this time,” the notice said.

The announcement comes shortly after Canal+ completed its takeover of MultiChoice, bringing Africa’s largest pay television operator into the French broadcaster’s global media portfolio.

While Showmax was long positioned as MultiChoice’s answer to Netflix and other global streaming giants, the company’s latest financial statements show the service remained deeply unprofitable despite rapid subscriber growth and heavy investment in technology and content.

Mounting losses

According to MultiChoice’s consolidated annual financial statements for the year ended 31 March 2025, Showmax generated ZAR753 million in external revenue, equivalent to US$45.7 million using an exchange rate of 1 USD = 16.48.

This represented a decline from ZAR1.027 billion (US$62.3 million) recorded the previous financial year.

When intersegment revenue is included, the Showmax business generated total revenue of ZAR1.045 billion (US$63.4 million) in FY2025.

The bigger story, however, was the scale of losses.

Showmax reported a trading loss of ZAR4.947 billion (US$300.2 million) in FY2025, nearly double the ZAR2.636 billion (US$159.9 million) loss recorded in FY2024.

The financial disclosures show that the platform’s costs ballooned as MultiChoice attempted to scale the service following the relaunch of Showmax 2.0 across Africa.

The cost of providing services reached ZAR2.750 billion (US$166.9 million) while selling, general and administrative expenses climbed to ZAR3.235 billion (US$196.3 million).

Content spending was a major contributor to these costs. Showmax recorded content expenses of ZAR2.662 billion (US$161.5 million) in FY2025, more than double the ZAR1.288 billion (US$78.2 million) spent the previous year.

Despite these investments, revenue growth failed to keep pace with the scale of expenditure required to compete with global streaming platforms.

The peak investment year

MultiChoice described FY2025 as the peak investment phase for the platform as the company sought to build a streaming service tailored for African audiences.

The strategy centred on a relaunch of Showmax with a stronger technology platform and a heavier focus on locally produced content.

The revamped service was rolled out in 44 markets across sub Saharan Africa, significantly expanding the platform’s footprint.

During the financial year the company released 82 Showmax Originals, up from 59 productions the previous year, reflecting an aggressive push into African storytelling.

The platform also introduced new sports streaming capabilities, including live streaming of South African Premier Soccer League matches and coverage linked to major global events such as the UEFA Euro tournament and the Olympic Games.

Distribution partnerships formed another key part of the expansion strategy. MultiChoice worked with telecommunications companies to bundle the service with mobile data packages in markets such as Kenya and Tanzania, while digital payment partnerships were introduced in Ghana, Uganda and Zambia to simplify subscription payments.

These initiatives were designed to address structural barriers that have slowed the growth of streaming across Africa.

Subscriber growth but weaker economics

Despite the heavy losses, the platform did achieve notable growth in its subscriber base.

MultiChoice reported that active paying Showmax subscribers increased by 44 percent year on year, signalling strong demand for locally relevant streaming content.

However the company acknowledged that the service fell short of its internal growth targets.

Several factors contributed to this gap. Early distribution partnerships did not deliver the expected subscriber volumes. Customer churn was higher than anticipated in several markets. Macroeconomic instability in countries such as Nigeria also affected pricing decisions and consumer spending.

MultiChoice further pointed to the structural challenge of data affordability across the continent.

Streaming video is heavily dependent on mobile data in most African markets, and high connectivity costs remain a major barrier to widespread adoption of subscription video services.

Even where subscriber numbers increased, the economics were weakened by lower average pricing and changes in product mix, particularly as the company introduced promotional bundles to attract new customers.

Pressure on group profitability

The scale of Showmax’s losses had a direct impact on the wider MultiChoice business.

In its FY2025 financial statements the group noted that increased spending on Showmax contributed to a nine percent decline in organic trading profit for the broader business.

From a financial perspective the imbalance between revenue and losses was stark.

With external revenue of ZAR753 million (US$45.7 million) and a trading loss of ZAR4.947 billion (US$300.2 million), the platform was losing several rand for every rand it generated.

This financial reality likely played a decisive role in Canal+’s decision to discontinue the service following its acquisition of MultiChoice.

A strategic reset under Canal+

The closure of Showmax does not necessarily signal the end of streaming ambitions within the Canal+ ecosystem.

In its statement to customers MultiChoice emphasised that streaming remains an important part of its future.

“Streaming remains central to our strategy. We will continue to invest in premium content, technology innovation and partnerships to deliver the best possible entertainment experience to our customers,” the company said.

Industry analysts say Canal+ may pursue a more disciplined digital strategy that integrates streaming into its broader pay television model rather than operating a standalone platform that requires billions of rand in annual investment.

Such an approach could involve tighter integration between streaming services and traditional pay television subscriptions, deeper partnerships with telecom operators and a more selective approach to content spending.

For now, however, the decision marks the end of one of Africa’s most ambitious attempts to build a continental streaming platform.

Launched in 2015 and relaunched in 2024 as Showmax 2.0, the service represented MultiChoice’s effort to compete with global streaming giants while building a platform tailored to African audiences.

A decade later, the economics of the global streaming wars appear to have caught up with the project.