A business model that drives value

Business activities (FY20)

What we do?

Package content into our own channels
33 proprietary GE channels
38 sport channels
2 OTT services
Acquire pre-packaged channels

111 international GE channels
23 local GE channels
29 news channels
Aggregate channels into tiered packages

Sell advertising slots on select channels through media sales division

Secure and encrypt content through Irdeto, which also services external clients

Distribute to customers across multiple platforms

DTT technology

Satellite technology

STB design

OTT technology

Sales and customer experience

  • Marketing and awareness
  • Subscription and decoder sales
  • Value-added services
  • Customer service
  • Loyalty

Outputs (FY20)

Our products and services

  • Offers services in 50 markets
  • Six core bouquets, at varying price points
  • >150 linear video channels
  • Catch-up and movie rental (“Box Office”) services available
  • Offers services in eight markets
  • On average 60 linear video channels
  • Four core bouquets, at varying price points
DStv now
  • DStv streaming service offered as a standalone service or a value-added service for DTH customers
  • SVOD service Showmax has localised versions in four markets, with standard and mobile offerings available
DStv media sales
  • Commercial airtime sales across 130+ pay-TV channels
Irdeto logo
  • Cybersecurity and anti-piracy services to the group plus external customers in 71 countries, across multiple industries including media security, gaming, connected transport and other connected industries

Inputs (FY20)

The resources and relationships we rely on


  • ZAR9.8bn equity (FY19: ZAR9.8bn)
  • ZAR0.1bn financial debt (FY19: ZAR0.1bn)
  • 55 059 MultiChoice Group shareholders

Technology and platforms

  • Widespread DTH satellite footprint covered by four different satellites (two through Intelsat and two through Eutelsat)
  • Fully invested DTT network covering 117 cities over eight countries
  • Numerous support technologies (including Al) for customer service, billing, playout, archiving, scheduling and Irdeto security encryption

Industry expertise

  • 35 years in industry
  • Market leadership across 50 countries
  • Deep understanding of entertainment needs of customers
  • Irdeto has 50 years’ experience in security solutions

Our people

  • 6 894 permanent employees (FY19: 7 053)
  • Inclusive, customer- and people-centric culture with strong employee brand ambassadorship

Customer and supplier relationships

  • 19.5m 90-day active subscribers (FY19: 18.6m)
  • More than 400 B2B customer relationships through Irdeto
  • Relationships with local and international content providers, key satellite technology providers and a network of 5 604 accredited installers and 1 747 independent service providers across the continent
  • Preferential procurement initiatives

Corporate citizenship

  • Relevant licences provided by regulators across the continent
  • Local communities who collectively produce the future of film and sporting talent in the countries where we operate
  • Beneficiaries of the Phuthuma Nathi BBBEE scheme
  • Use of electricity and water for operations

Outcomes (FY20)

How we enhanced our capitals


  • ZAR2.5bn core headline earnings (FY19: ZAR1.8bn)
  • ZAR1.7bn in share repurchases (FY19: ZARnil)
  • 30% return on capital employed (FY19: 30%)
  • ZAR2.5bn dividend declared

Technology and platforms

  • ZAR0.2bn investment in technology assets (FY19: ZAR0.3bn)
  • ZAR2.6bn transponder costs (FY19: ZAR2.6bn)
  • User interface (UI) enhancements to OTT platforms
  • ZAR112m building and infrastructure spend (FY19: ZAR54m)

Industry expertise

  • Local content library exceeds 56 800 hours (FY19: 52 700(1))
  • 40% of total general entertainment content spend was on local content (41% in constant currency) (FY19: 40%)

Our people

  • ZAR191m invested in skills development (FY19: ZAR127m)
  • 3 018 employees formally trained (FY19: 4 849)
  • Robust compliance and governance structures

Customer and supplier relationships

  • 0.9m net growth in 90-day active subscribers (FY19: 2.2m)
  • Irdeto won nine tier-one customers from competitors in the past two years
  • 75% customer satisfaction in South Africa (FY19: 76%)
  • 71% customer satisfaction for DStv (FY19: 70%) and 70% customer satisfaction for GOtv in the Rest of Africa (FY19: 67%)
  • ZAR10.4bn spent with local South African suppliers (FY19: ZAR10.3bn), including ZAR4.9bn on South African small and medium enterprises (FY19: ZAR3.4bn)

Corporate citizenship

  • ZAR12.0bn total tax contribution (FY19: ZAR10.2bn)
  • Invested ZAR247m in significant corporate social investment (CSI) initiatives across the group (FY19: ZAR207m)
  • Provided opportunity for Phuthuma Nathi shareholders to convert Phuthuma Nathi shares into MultiChoice Group shares
  • Light carbon footprint with initiatives applied to minimise impact