Canal+ posts $7.2bn nine-month revenue as MultiChoice subscriber pressure persists

French media giant Canal+, backed by billionaire Vincent Bolloré’s family, reported $7.2 billion (€6.41 billion), about N9.6 trillion, in revenue for the first nine months of 2026 after acquiring MultiChoice, the parent of DStv and GOtv. Revenue rose 37.5% from the same period in 2025, but underlying numbers show subscriber pressure at MultiChoice.

Earnings from Africa and Asia more than tripled to $2.9 billion (€2.60 billion). The growth largely reflected the inclusion of MultiChoice results after Canal+’s $2 billion takeover, completed in September 2025.

Underlying revenue slips

After adjusting for acquisitions and currency fluctuations, Canal+ recorded a 0.3% decline in underlying revenue. MultiChoice revenue fell 3%, according to Canal+’s October 22 trading update. MultiChoice generated about $2.02 billion (€1.81 billion) in the nine months, while the remaining Canal+ operations contributed about $5.2 billion (€4.65 billion).

Canal+ blamed MultiChoice’s weaker performance mainly on declining subscription revenue in South Africa. Growth in other African markets helped cushion the impact. In the third quarter, MultiChoice’s underlying revenue fell 2% between July and September, better than the 3.4% contraction in the first six months. Canal+ partly linked the improvement to a more favourable sporting calendar.

Revised packages, no blanket price cut

Canal+ is rolling out revised subscription packages to attract customers and improve affordability. It launched a simplified offering in South Africa in September, promising more entertainment options and better value without increasing prices. CEO Maxime Saada said: “We are making good progress with the MultiChoice turnaround plan.” He said the revised offering gives subscribers more content, greater choice and better value at the same price. Canal+ plans to extend the packages to other English-speaking and Portuguese-speaking African markets in the coming months.

For Nigerian DStv and GOtv subscribers, the update points to possible package changes, but Canal+ has not announced a blanket price reduction. The trading update also did not set a new decoder price for Nigerian customers.

Sports rights and targets

Canal+ is leaning on sports to retain and attract subscribers. It secured exclusive rights to UEFA men’s club competitions across more than 40 African countries for the 2027 to 2031 cycle. It also acquired rights to the 2027 Africa Cup of Nations and qualifying matches. The investments are expected to strengthen DStv, GOtv and SuperSport as competition from Netflix, Amazon Prime Video and YouTube intensifies.

Canal+ maintained its 2026 outlook. It expects adjusted operating profit of about $823 million (€735 million) and operating cash flow above $672 million (€600 million). It is targeting $280 million (€250 million) in operating-profit synergies from integrating MultiChoice. The group has more than 40 million subscribers across over 70 countries.

MultiChoice Nigeria, now owned by Canal+, has announced October 27, 2026, as the date to unveil restructured DStv and GOtv packages. The announcement raises expectations of possible changes to prices and channel offerings as Nigerian subscribers face rising living costs and more competition from streaming platforms. The immediate issue is whether the restructuring will lead to cheaper DStv and GOtv subscriptions. Canal+ has not promised a broad price cut.