The South African-based pay-TV provider, MultiChoice, recently reported that Nigeria is leading the Rest of Africa (RoA) with a generated subscription revenue of ZAR 7.1 billion or $475.5 million. Nigeria ranked first amongst other African countries with MultiChoice presence, including Kenya, Angola and Zambia with year-on-year subscription growth of 11% and 43%.
- Kenya seconded Nigeria with a drop in subscription growth of 4% and a 9% growth in subscription revenue during the financial year, 2022.
- Zambia, another African country with MultiChoice presence, reported a drop of 3% in year-on-year subscription growth and 7% growth in subscription revenues in the year under review.
- Angola also dropped in year-on-year subscription growth by 1% and 5% of subscription revenue in the financial year of 2022.
By the numbers
- MultiChoice report says it generated a subscription revenue of ZAR 7.1 billion ($475.5 million) from Nigeria. This figure represents a y-o-y increase of 5% from the last financial year in which it gained ZAR6.8 billion.
- Converting to Naira, the revenue received by the South African company at ZAR27.66 (or N412.9) is N193.6 billion.
- The revenue generated by Nigeria represents 43% of the total revenue generated from the Rest of Africa (ROA) excluding South Africa.
What they are saying
The CEO of MultiChoice Group Calvo Mawela, said: “Reduced losses in the Rest of Africa (RoA), a rebound in advertising revenues, and a continued focus on cost containment enabled us to absorb the R1.1bn ($74.5 million) impact of a normalization in content costs as live sport returned and we resumed our local content production post the COVID-19 lockdowns”.