MultiChoice goes technically insolvent

MultiChoice, owner of DStv, has reported a record loss of R4.1 billion for the year ending 31 March 2024, marking a 42% increase in losses and rendering the company technically insolvent.

Declining subscribers and unfavorable exchange rates led to a 5% revenue drop to R56 billion and a 21% trading profit decline to R7.9 billion.

Despite negative equity and rising liabilities, MultiChoice remains optimistic, highlighting its resilience and strategic milestones like launching Showmax 2.0.

The company aims to save R2 billion by 2025 through cost-reduction and focuses on growing its video, interactive entertainment, and fintech segments.