A business can report higher revenue and still face a decline in its underlying performance. That is the tension in CANAL+’s latest update on MultiChoice, the South African pay-TV operator behind DStv. Its revenue fell on a like-for-like basis, even as reported revenue rose.
CANAL+ is responding with simpler DStv packages, more content and a stronger sports offering. For business owners, the useful question is not whether this plan will work. The update does not yet provide enough evidence to answer that. It is how to assess a turnaround when a company is changing its offer while its results still reflect older conditions.
The TechCabal report on CANAL+ and MultiChoice provides a timely case for businesses that rely on subscriptions, recurring sales or customers choosing between different service packages.
What happened at MultiChoice
MultiChoice revenue fell 3% on a like-for-like basis in the nine months to September 2026, according to CANAL+’s trading update. Lower subscription revenue in South Africa drove the decline, partly offset by higher revenue in most other English-speaking African markets.
Reported revenue told a different story. It rose 0.4% to €1.81 billion, with the increase benefiting from a positive currency effect. Like-for-like figures adjust for currency movements and changes in the scope of the business, giving a closer view of underlying performance.
The decline also moderated during the reporting period. It was 3.4% in the first half and 2% in the third quarter. CANAL+ said more favourable comparisons with the previous year’s sporting events line-up contributed to that improvement. The company did not attribute the change solely to its turnaround plan.
In September, MultiChoice launched new packages in South Africa. CANAL+ said subscribers would get more content, greater choice and better value for the same price. The launch came towards the end of the reporting period, so the update offers little time to judge its effect on revenue.
Why the numbers need context
For a business owner, headline growth can conceal what is happening in a particular product, market or customer segment. CANAL+ reported group revenue of €6.41 billion for the nine months, up 37.5% from the same period last year. But that increase primarily reflected the consolidation of MultiChoice following the acquisition, rather than equivalent growth in the underlying business.
On a like-for-like basis, group revenue declined 0.3%. Excluding MultiChoice, revenue increased 0.8% on the same basis. Africa and Asia revenue, including MultiChoice, rose 3.1% on a restated basis, while Africa and Asia operations excluding MultiChoice recorded like-for-like growth of 10.2%.
These figures show why it helps to separate growth by source. An overall total can combine acquisition effects, currency movements and performance across different markets. If your own business sells several services or operates in more than one location, a single revenue figure may not show which offer is gaining traction or losing customers.
MultiChoice’s update also leaves important questions open. It does not provide subscriber numbers or average revenue per user. Without those measures, readers cannot tell from this update whether the new packages are improving customer retention or spending. Business owners should be careful not to treat a promising change in strategy as proof that customer behaviour has already changed.
What the turnaround can teach business owners
The package change is an example of reviewing the value customers receive, rather than treating price as the only lever. CANAL+ said the new South African offer provides more content and greater choice for the same price. Other businesses can apply the underlying discipline: make the offer easier to understand, and check whether customers see a clear reason to stay.
That does not mean adding features is always the answer. A larger offer can increase complexity or cost. The decision should follow what customers use, value and ask for. For a service business, that might mean clarifying what is included in each plan. For an online store, it could mean making product differences, delivery terms and purchase steps easier to understand.
CANAL+ is also investing in content, technology and strategic partnerships, and strengthening its sports offering. It secured exclusive rights to UEFA men’s football club competitions across more than 40 countries for 2027 to 2031, as well as rights across Africa for the 2027 Africa Cup of Nations and its qualifying campaign. These moves show the importance CANAL+ places on content in its offering, but the update does not establish how much each investment will contribute to future performance.
A practical lesson is to connect investment decisions to a specific customer or business need. Before spending on new technology, content or marketing, define what problem it addresses. Then decide which measures would indicate progress, such as renewals, repeat purchases or use of a particular service. Those are possible measures for your own business, not results reported by CANAL+.
Simplify the offer, then measure the response
Simpler packages can help customers understand their options. They can also help a business explain what makes each plan different. But simplification only helps if the choices match real customer needs and the company can deliver what it promises.
Start by reviewing your current offers. Look for overlapping plans, unclear benefits and features customers rarely use. Ask customers what they find useful and what makes them hesitate. Keep the questions focused on their experience, rather than asking them to endorse a solution you have already chosen.
Then make a change that you can evaluate. Set a baseline before launch and compare the same measures afterwards. If you change package descriptions, prices or benefits at once, it may be harder to identify what influenced the response. Track results by product or customer group where your records allow it.
For an online business, a clear website can support this work by explaining the offer and making the next step obvious. See our website development options if your site needs to present services, stores or other business offerings. If you sell recurring plans, a subscription website can support plan pages, gated content and member accounts.
Growth across markets requires local evidence
MultiChoice’s results also show that performance can differ between markets. CANAL+ said revenue in most other English-speaking African markets partly offset lower subscription revenue in South Africa. It also reported momentum in French-speaking Africa, where subscriber growth was supported by content and improved distribution efficiency.
For a growing business, expansion into another region is not simply a matter of copying the same offer everywhere. Customer preferences, distribution and the business context can differ. Use local feedback and sales evidence to decide what to adapt, while keeping a clear record of which changes you made and why.
The update does not prove that one market’s approach will work in another. CANAL+ said the package rollout would continue across English- and Portuguese-speaking African markets over the coming months. That is a planned rollout, not evidence in this update of how customers in those markets will respond.
What to do next
Use the MultiChoice update as a prompt to examine your own offer, not as a blueprint to copy. A useful review can begin with these steps:
- Separate headline growth from underlying performance. Review revenue by product, market and customer group. Note whether changes in currency, acquisitions or other factors affect comparisons.
- Check the value customers receive. Identify which benefits customers use and which parts of your offer are hard to understand. Ask customers directly where the service falls short.
- Simplify only where it helps. Make packages easier to compare, but do not add features or cut prices without a clear reason and a way to assess the result.
- Choose measures before changing the offer. Track relevant indicators, such as renewals, repeat purchases or enquiries, and compare them with a baseline. Be clear about what the figures can and cannot show.
- Review results by market. If you serve customers in different regions, check local evidence before assuming a change will work everywhere.
A turnaround is not established by a new package or a better quarterly comparison alone. It becomes more credible when a business can show that customers respond and that the improvement holds up in its underlying performance.
Sources
- CANAL+ faces a South African turnaround test as MultiChoice revenue falls 3% — TechCabal, Oct 22, 2026
This article was drafted with AI from the sources above, then published only after passing 20 automated checks: every figure must appear in the sources, links must work, and nothing may be invented. Spotted an error? Tell us and we'll correct it.
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