News

MultiChoice Africa Holdings (“MultiChoice Africa”) (www.MultiChoice.com) has demonstrated remarkable resilience and achieved profitability, solidifying its position as a leader in African entertainment.

 

 

With the release of MultiChoice Group’s (MCG) FY2023 financial results, MultiChoice Africa proudly announces its return to profitability, marking a significant milestone in the company’s journey.

Despite challenging market conditions, MultiChoice Africa’s unwavering dedication to telling African stories and its ongoing investment in local content has been a driving force behind its success in a highly competitive sector. It has demonstrated its commitment to growing, amplifying and multiplying Africa through the power of entertainment, the power of its stakeholders and the power of its people, evident through this promising set of results.

“Our industry has faced numerous challenges in recent times,” says Fhulufhelo Badugela, Chief Executive Officer of MultiChoice Africa. “However, we have risen above these challenges, leveraging our strengths to overcome them, and that is something we take great pride in.”

Over the past financial year, MultiChoice’s Rest of Africa business not only returned to profitability but also expanded its consumer services ecosystem. With the FIFA World Cup and popular local content such as Big Brother Naija, the Rest of Africa business witnessed substantial growth, adding 1.4 million 90-day active subscribers and reaching over 14 million households across the continent.

Driven by its commitment to local storytelling, the broader MultiChoice Group invested in local content, empowering African talent and fostering a thriving creative industry. In its financial year 2023, local content accounted for 50% of the Group’s total general entertainment spend, surpassing this target one year earlier than expected. The group’s local content library now boasts over 76,000 hours, with local content production delivering a 9% year-on-year increase to 6,587 hours.

With the investments made over the past year, we are on track to transform from a traditional pay-TV platform to a broader ecosystem underpinned by technology

Despite liquidity challenges in Nigeria, MultiChoice Africa successfully repatriated cash throughout the year. The company also launched five additional local channels across the continent, including Uganda, Ethiopia, and Ghana, while popular shows continued to achieve record viewership across various platforms.

As Africa’s unrivalled champion in sports entertainment, MultiChoice Africa delivered the best action from across the globe to its fans through SuperSport. The company’s highlights included the live broadcast of all 64 FIFA World Cup matches, accompanied by local language commentary in 11 languages across eight markets.

Furthermore, the MultiChoice Group has partnered with Comcast’s NBC Universal and Sky to drive Showmax’s market leadership in streaming on the continent. This partnership will ensure customers have access to a more diverse range of local and international content, supported by Peacock’s world-class, scalable platform.

In May MultiChoice announced a joint venture called Moment, which will be offering expanded payment infrastructure across Africa. Moment aims to transform the African payments landscape by making digital payments more accessible and reliable for domestic, cross-border and global payments.

“With the investments made over the past year, we are on track to transform from a traditional pay-TV platform to a broader ecosystem underpinned by technology.”

By continuing to invest in African stories, MultiChoice Africa is committed to cementing its position as a platform for local storytellers, celebrating and sharing the rich heritage and cultural tapestry of the continent with the world.

“As we navigate this ever-evolving industry, we stand strong, ready to deliver compelling African content that captures the hearts and minds of audiences across the continent,” concludes Badugela. “We are excited about our prospects and remain dedicated to making significant strides toward a profitable future as Africa’s most loved storyteller.”

Leave a Comment

Your email address will not be published.

You may also like

Business Culture Economy International Interviews

FX Volatility Risk: Why Nigerian Businesses Must Be Cautious When Borrowing in Foreign Currency

post-image

By Anayo Nwosu

In a rapidly evolving economic landscape where currency fluctuations have become the norm, Nigerian businesses are constantly weighing their financing options. One of the biggest dilemmas faced by companies is whether to borrow in foreign currency or stick to naira-denominated loans. While foreign currency loans often come with significantly lower interest rates, they carry a hidden danger—FX Volatility Risk—which has led to the downfall of many companies.

The Temptation of Foreign Currency Loans

Imagine a manufacturing company in Nigeria that wants to expand by acquiring new machinery from an overseas supplier. The cost of this machinery is $1,000,000, and the foreign supplier agrees to ship the equipment with a one-year payment plan, provided a Nigerian bank issues a confirmed letter of credit as a guarantee. The loan comes with an attractive 7% annual interest rate, much lower than naira-denominated loans, which range from 19% to 32% per annum.

At first…

Read More
Business Culture Economy Government International

Peter Obi Engages Indonesian Leaders on Governance and Economic Transformation

post-image

Nigerian public figure and presidential hopeful Peter Obi has continued his engagements in Indonesia, holding high-level discussions with key political and economic leaders to gain insights into the country’s development strategies. His visit on February 3rd and 4th included meetings with top government officials who played significant roles in Indonesia’s economic transformation under Presidents Susilo Bambang Yudhoyono and Joko Widodo.

Obi’s discussions began with Agung Laksono, a former Minister, former Coordinating Minister of the Economy, and a former member of Indonesia’s Presidential Advisory Board. Laksono provided Obi with valuable insights into the governance strategies that shaped Indonesia’s rapid development, emphasizing the importance of strategic planning, disciplined execution, and a focus on measurable progress across key sectors.No alt text provided for this image

Read More
Business Economy Government

NDPC Marks 3rd Anniversary with Team Bonding Event to Strengthen Workplace Unity

post-image

The Nigeria Data Protection Commission (NDPC) recently celebrated its third anniversary with a specially organized team bonding event aimed at fostering stronger connections among its workforce. The event, which brought together staff members in a relaxed and engaging environment, provided an opportunity for them to reflect on their collective achievements, strengthen team spirit, and reinforce the Commission’s commitment to its mandate.

Held in a lively atmosphere, the event featured a mix of recreational activities, including friendly competitions, interactive games, and team-building exercises designed to enhance collaboration. Staff members also enjoyed a variety of food, drinks, music, and dance, creating a festive mood that encouraged camaraderie and networking beyond the usual work setting.

Speaking at the event, senior officials of the NDPC highlighted the significance of teamwork in achieving the Commission’s objectives. They emphasized that fostering a strong internal culture of cooperation and mutual support is essential to maintaining efficiency in regulatory…

Read More
Business Culture Economy Society Travels Trends

Lagos Governor Speaks on Expansion of Red Line Rail Service, Receives Mixed Public Reactions

post-image

 

By ANTHONY EMEKA NWOSU

The Governor of Lagos State, Babajide Sanwo-Olu, has unveiled a significant enhancement to the Lagos Rail Mass Transit (LRMT) Red Line as part of the state’s ongoing efforts to revolutionize urban mobility. Effective from tomorrow, the Red Line will expand its service schedule, now offering five morning trips and four evening trips daily, an increase from the previous two morning trips. This step is aimed at improving the daily commute for residents traveling along the high-demand route from Agbado to Oyingbo.

This upgrade promises to ease the stress of navigating the city’s notorious traffic jams by reducing overall travel times. With a journey time of just 50 minutes between Agbado and Oyingbo, commuters will benefit from the convenience of waiting times as brief as two minutes at each station. The increased frequency of train services is expected to significantly enhance the efficiency and reliability of the Red…

Read More
Business Culture Economy Tourism Travels Trends

Radisson Hotel Group concludes record-breaking year with over 300 new signings and openings in 2024

post-image

Radisson Hotel Group (www.RadissonHotels.com) reported a record-breaking year in 2024 after adding almost 40,000 keys to its global brand portfolio, thereby achieving significant milestones and further strengthening its footprint around the world. Radisson Blu remained the leading upper upscale brand in Europe for the 13th consecutive year and the Group is now leading the upscale resort segment in EMEA.

VIDEO
Elie Younes, EVP & Global Chief Development Officer, walks you through Radisson Hotel Group’s 2024 Business Development highlights

 

Elie Younes, Executive Vice President and Global Chief Development Officer at Radisson Hotel Group, comments: “Despite global geopolitical…

Read More
Business Economy Gadgets News Security Society Software Technology Technology Trends

Zoracom Announces Strategic Collaboration with Exeon Analytics AG to Enhance Cybersecurity Resilience and Next-Gen NDR Solutions

post-image

 

Zoracom, Nigeria’s foremost Network Security Operations Center (NSOC) and leading cybersecurity firm, has unveiled a groundbreaking initiative aimed at advancing Next-Generation Network Detection & Response (NDR) capabilities and bolstering cybersecurity operational resilience. The company revealed plans for a strategic visit to its partner, Exeon Analytics AG, in Zürich, Switzerland, scheduled for 2025, as part of its commitment to innovation and excellence in the cybersecurity landscape.

In an official statement, Zoracom emphasized that this collaboration underscores its dedication to addressing the evolving challenges of cybersecurity in an increasingly digital world. The initiative is designed to not only enhance Zoracom’s service offerings but also to provide cutting-edge solutions to its growing customer base, which includes enterprises, government agencies, and organizations across various sectors.

Key Objectives of the Initiative

The strategic partnership with Exeon Analytics AG, a renowned Swiss-based leader in cybersecurity analytics, is expected to deliver significant benefits, including:

  1. Support for a Growing…
Read More
Business News

Why Every Business Needs a Website and Social Media Management – Menxtt Technology NG is the Digital Partner You Can Rely On

post-image

 

 

Imagine a customer hears about your business and wants to learn more. The first thing they do? Search for you online. If they find nothing—no website, no social media page—chances are they’ll move on to your competitor. In today’s fast-paced digital world, businesses that lack an online presence are practically invisible.

That’s why Menxtt Technology NG, a trusted IT solutions provider based in Ikeja, Lagos, is helping businesses of all sizes build strong digital footprints. From creating professional websites to managing social media pages and deploying smart business software, Menxtt ensures businesses don’t just exist online but thrive in the digital space.

According to Anthony Nwosu, a marketing consultant at Menxtt Technology NG, going digital is no longer an option—it’s a necessity.

“Think about it—when was the last time you tried a new restaurant, salon, or service without first checking them out online? Today’s customers do their research before making a decision….

Read More
Agriculture Business

John Dumelo: “Agriculture Has Given Me More Than I Ever Dreamed Of”

post-image

Acclaimed Ghanaian actor and entrepreneur John Dumelo has shed light on his decision to step away from acting, citing agriculture as a more rewarding and impactful pursuit. Dumelo, who once graced the screens in some of Ghana’s most popular films, revealed that he left the entertainment industry to focus on farming, a venture that has transformed his life in ways he never imagined.

In a candid statement, Dumelo expressed that the film industry was financially unsustainable for him, prompting him to seek a more stable and fulfilling career path. His passion for agriculture, coupled with a strong desire to fight hunger in his community, led him to invest in large-scale farming.

“The film industry was not enough to sustain me. Besides, I had a deep passion for agriculture and a desire to eliminate hunger in my community and beyond through my products. This passion led me to venture into poultry farming,…

Read More