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MultiChoice investors have witnessed a loss of R32 billion ($1.7 billion)

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MultiChoice investors have witnessed a loss of R32 billion ($1.7 billion) in a span of six months, grappling with challenges in retaining high-end subscribers and seeking novel revenue avenues.

At the outset of March 2023, MultiChoice’s stock price soared above R147 ($7.86). However, on March 13, following a warning about lower-than-expected revenue growth in its South African division, the share price plummeted to approximately R120 ($6.41) per share.

This downturn was primarily driven by MultiChoice’s fixed operational costs and increased Showmax expenditures, which significantly eroded its trading margins. This marked the commencement of a six-month decline that resulted in a substantial loss of market capitalization.

One of MultiChoice’s most pressing issues stems from the ongoing cancellation of DStv subscriptions by South African customers, particularly in the Premium and Mid-market segments. This decline is palpable in DStv’s average revenue per user, which dipped from R269 ($14.38) to R256 ($13.69) year over year.

Looking ahead, the company is charting a new course to counterbalance the decline in high-end subscribers. Their strategy includes diversifying revenue streams by offering Internet packages, making substantial investments in their Showmax streaming service, and acquiring a substantial stake in the sports betting service, KingMakers.

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