MultiChoice’s Side Projects Grow as TV Business Declines

Even while MultiChoice’s primary pay-television company is having trouble, its other ventures are doing alright, with some even doing well.

In the last year, MultiChoice’s pay-TV business has lost 1.2 million customers, according to a TechCentral study released on Wednesday. The company also recorded a stunning R2.3 billion in trade losses, which were partially caused by expenses associated with the relaunch of streamer Showmax.

However, while not going all out, its varied businesses, which concentrate on industries like security, finance, insurance, and sports betting, demonstrated noticeably superior performance numbers.

KingMakers, a Nigerian sports betting giant, was a standout performer in the MultiChoice portfolio. Although reported revenue fell 30% to $103 million as a result of a weak naira, net gaming revenue increased 76% on an organic basis to US$106 million (R1.9 billion).

In South Africa, KingMakers is known as SuperSportBet, while in Nigeria, it is known as BetKing. The KingMakers board announced a $11 million dividend at the end of the group’s year, of which $5.6 million will go to MultiChoice.

According to MultiChoice, “KingMakers delivered a solid performance in terms of organic growth and operational execution.” “This was supported by revenue generation in the recently launched South African business as well as a significant improvement in the underlying operating performance of the Nigerian business due to a better customer cohort.”

NMS Insurance Services (NMSIS) had a 17% year-over-year increase in revenue to R1.1 billion (approximately 61.8 Million USD), while its trading profit increased by 13% to R425 million (approximately 22.9 Million USD). A move from lower average revenue per user (Arpu) device insurance plans to higher-Arpu device care policies helped to boost revenue growth even though the number of policyholders decreased 13% year over year to 2.9 million.

In November 2024, MultiChoice sold Sanlam a 60% share in NMSIS, increasing the group’s cash flow by R1.2 billion (approximately 67.4 Million USD). However, the drop in earnings and increased lease payments continued to put pressure on free cash flow, resulting in R500 million (approximately 28.1 Million USD) in net cash outflows (compared to R600 million (approximately 33.7 Million USD) in inflows a year before).

With help from its three market segments—video entertainment, gaming, and linked transportation—the group’s digital security company Irdeto had a 5% (or 8% organic) gain in revenue. Additionally, Irdeto safeguards the group’s primary business by keeping an eye on and combating MultiChoice content piracy. According to the broadcaster, the number of pirated services that were shut down or raided in 2025 increased by 63% year over year.

“The group’s performance was mixed, as accelerated cost savings and cash management initiatives countered the effects of a severely stretched consumer environment, combined with foreign currency and other macro headwinds,” MultiChoice stated.