MultiChoice announces shutdown of Showmax streaming service following unsustainable financial losses under Groupe Canal plus ownership

Showmax to shut down as MultiChoice pivots under Canal+ ownership, following 4.9 billion rand in losses and missed subscriber targets in Africa.

By: AXL Media

Published: Mar 6, 2026, 3:36 AM EST

Source: The information in this article was sourced from MyBroadband

Strategic shift and termination of services

MultiChoice, now a subsidiary of the French media conglomerate Groupe Canal+, has officially announced the closure of its Showmax streaming service. The board's decision follows a strategic review of the company’s digital activities in Africa, where the platform was once the centerpiece of a major growth strategy. Company leadership stated that the move is necessary to build a sustainable and competitive business within a capital intensive global market. While the service is being phased out, MultiChoice has confirmed that there will be no immediate interruptions for current subscribers and that no retrenchments of employees are planned as part of the transition.

Financial performance and missed targets

The discontinuation comes after Showmax reported significant financial strain, with losses ballooning by 88 percent to 4.9 billion rand during the 2025 financial year. Despite a 44 percent year on year growth in paying subscribers, revenue stood at approximately 750 million rand, failing to meet the 16.5 billion rand annual target previously set by executives. The platform had struggled to offset rising costs associated with content acquisition and the licensing of the Peacock streaming technology from Comcast’s NBCUniversal and Sky. MultiChoice had previously secured a 12 billion rand loan facility to support these operations, but subscriber growth remained insufficient to satisfy lenders and cover working capital.

Management critique and market realities

Leadership at Canal+ has been increasingly critical of the platform's performance since taking control of MultiChoice in September 2025. CEO Maxime Saada described the underperformance of Showmax as obvious, citing the heavy investment in marketing and technology without corresponding commercial success. David Mignot, the CEO of Canal+ Africa, further confirmed in February 2026 that the business model was not functioning from a financial perspective. The transition from satellite television to a subscription video on demand model faced significant hurdles, as the gap between global streaming economics and African infrastructure proved wider than the company had initially anticipated.