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ZARc - 0.00%Investor briefcase Key highlights
Investor briefcase Key highlights
Unprecedented headwinds countered with focused management interventions
With a 40-year track record, we entertain 14.5 million households of varying income levels across the African content. We create our own local general entertainment content, invest in local sports codes and leagues and secure rights to leading international and sports content from around the world, which we deliver anywhere, any time and on any device through our satellite broadcast (DStv), digital terrestrial broadcast (GOtv) and OTT streaming (Showmax, DStv Stream) platforms. We aim to continue to grow our linear video entertainment business while step changing our ambition in the video streaming space with our partnership with Comcast entities NBCUniversal, Sky and Peacock. We are also focused on expanding our ecosystem beyond video entertainment by selectively investing in new growth opportunities, including our 49% investment in sports-betting and digital entertainment company KingMakers, and our 28.5% investment in the Moment joint venture in fintech and payments. Our technology company, Irdeto, protects platforms and applications for video entertainment, gaming, connected transport and other connected industries.
40
years of historyone of the first pay-TV services to launch outside the USA
50
marketscomprising 1.2bn people(1) 
14.5m
subscribersat Mar '25
3 operating segments
Revenue contribution by operating segment: FY25
Resilient performance and disciplined liquidity management (FY25)”
R50.8bn Revenue
(+1% organic)
R4.0bn Trading profit
(-9% organic)
-R0.5bn Free
cash flow
-R0.8bn Adjusted core
headline earnings
R5.1bnCash
on handPlus R3.0bn in undrawn
facilities Solid growth
Subscriber base (active, millions)
We have a proud legacy and a history of innovation
Since launching our first traditional linear pay-TV service in 1985, we have provided a window into the world for our viewers and created, developed and shared their stories.
From our first broadcast 40 years ago, MultiChoice now reaches 14.5m(1) subscribers through DStv and GOtv (excluding Showmax) with numerous products and services, while we estimate our overall audience reach at around 93m(2). Our technology business, Irdeto, has been around for even longer, solving security problems for its clients for the past 55 years.
| (1) | Refers to active subscribers for DStv and GOtv as at the reporting date |
| (2) | Based on an average of five people per household. |
We see significant opportunity in sub-Saharan Africa
Sub-Saharan Africa is home to over 1.2bn people(3), and we have an unrivalled footprint across 50 markets.
As electrification, connectivity and digital banking increase, and a growing, urbanising middle class enjoys rising discretionary spend, the continent represents a compelling addressable market. In video entertainment alone, we estimate the opportunity at 64m households by 2030 and we believe that there are several other verticals that could represent equivalent or even larger addressable markets for our group.
| (3) | Per the United Nations Population Division – World Population Prospects 2024 |
We remain focused on video entertainment as our core business
We understand our subscribers and their evolving entertainment needs.
We create, acquire, license, curate, aggregate and package a unique mix of programming to deliver the best in local and international general entertainment and sports content ‘anywhere, anytime’.
Our streaming joint venture with the Comcast group enables Showmax to scale fast by leveraging Peacock’s proven technology and by accessing the content output of one of the largest content producers globally. Growth is further supported by our increased investment in local content given its high audience ratings.
Our aggregation services available on connected devices allow us to offer our customers third-party SVOD services to complement our own exceptional line-up, through an increasingly seamless user experience and interface.
We are leveraging our platform to build an ecosystem offering complementary consumer services
We are expanding beyond video entertainment by leveraging our deep local capabilities and experience, our portfolio of trusted brands, unrivalled distribution and payment capabilities, as well as our innovative nature and strong technology pedigree.
We are targeting opportunities in complementary, consumer-focused adjacencies, which leverage our unique platform advantages, benefit from a strong technology underpin and can be scaled into meaningful business verticals. We are tactical and flexible in how we pursue opportunities. We tend to grow either organically (e.g. DStv Internet), through non-controlling investments (e.g. KingMakers, a gaming platform) or through strategic partnerships (e.g. Moment, our payments venture with Rapyd, and General Catalyst and NMSIS, our insurance joint venture with Sanlam).
We have deep experience and are disciplined in our approach
We have a management team with deep operational expertise and a group with a unique operating presence that supports our strategic ambitions.
We have complemented our position through investments in and partnerships with bestin-class global and regional operators in streaming, sports betting and fintech (payments and insurance).
We have a disciplined approach to capital allocation and prioritise long-term value creation for our shareholders. Our business model supports scale economics and is underpinned by strong operational execution, tight cost discipline and the prioritisation of free cash flows.
