MultiChoice history: From Pay‑TV pioneer to facing digital disruption

In the ever-evolving landscape of global media and entertainment, few names resonate with visionary leadership like Koos Bekker, the South African billionaire who transformed MultiChoice from a modest pay-TV experiment into a pan-African media powerhouse. As the architect behind Africa’s most influential broadcasting network—home to DStv, GOtv, and Showmax—Bekker’s bold strategies and unconventional leadership style helped shape the continent’s digital narrative.

From pioneering satellite TV across Africa to orchestrating one of the world’s most successful tech investments in Tencent, Bekker’s legacy is one of audacity, foresight, and innovation. Yet, as MultiChoice now faces unprecedented challenges—subscriber losses, streaming disruption, economic headwinds, and a looming foreign takeover—the company must confront a new reality. This feature explores the rise of Koos Bekker, the evolution of MultiChoice, and the shifting dynamics that could redefine Africa’s media future.

Bekker: Visionary Behind a Media Empire

Born in 1952 in South Africa’s Potchefstroom, Jacobus Petrus “Koos” Bekker graduated in law and literature from Stellenbosch and Wits universities before earning his MBA from Columbia in 1984 . His business school thesis—proposing a South African pay‑TV system—caught the attention of Naspers, leading Bekker to the launch of M‑Net in 1985, one of the world’s first pay‑TV channels outside the U.S. 

By 1991, the pay‑TV arm morphed into MultiChoice, and in 1995, DStv was launched, becoming a regional phenomenon. In 1997, Bekker became CEO of Naspers, transforming a struggling publishing firm into a tech and media giant with assets in TV, internet, fintech, and betting .

Bekker’s boldest move came in 2001 when he acquired a 34% stake in Tencent for $34 million—now valued in the billions, marking one of history’s most successful investments . Under his 17-year tenure, Naspers’ market value surged from $1.2 billion to $45 billion.

Remarkably, Bekker received no salary or bonuses from 1999 to 2014, instead taking stock options only, aligning his personal gains with shareholders and cementing his role as a strategic leader . Today, Bekker chairs Naspers and is worth an estimated US$2.9 billion.

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Building a Pan‑African Pay‑TV Powerhouse

Naspers, founded in 1915 as a South African newspaper, reinvented itself under Bekker. M‑Net was initially funded through partnerships but soon consolidated under Naspers control. When Digital Satellite Television (DStv) launched, it expanded across sub-Saharan Africa, offering a robust alternative to state TV.

By the 2000s, GOtv and related services emerged, as Naspers aggressively pursued telecom (MTN) and eventually online retail (Takealot) and publishing (Media24).

Success and Industry Influence

Bekker’s leadership reshaped African media. MultiChoice reached nearly 20 million subscribers across 50+ countries. Within Naspers, the 2001 Tencent deal fueled massive growth—its share of global internet markets remains among the most valuable outside of China, India, and the U.S. .

His earnings model influenced corporate governance, demonstrating success through equity alignment. Naspers’ diversification into fintech and ecommerce further widened its influence.

Emerging Challenges: Pay‑TV in Decline

The cord‑cutting era has hit MultiChoice hard. By early 2025, DStv and GOtv subscribers dropped from 23 million to 19.3 million, a loss of 3.7 million in two years . Central Africa, especially Nigeria and Zambia, drove much of this decline.

MultiChoice Nigeria lost 243,000 subscribers from April–Sept 2024 due to high inflation and currency devaluation. Overall Nigerian revenue plunged 44% from US$356 m to US$197 m . Additionally, Nigeria recorded 77% of the 1.8 million Rest‑of‑Africa subscriber losses in the 2025 financial year.

South Africa, MultiChoice’s largest market, also lost 1.2 million subscribers, an 8% decline, due to economic stress . Zambia’s rolling load‑shedding further drove subscribers away.

Financial Fallout

By March 2025, MultiChoice swung from profit to a headline loss of R800 million (~US$45 m), hit by macroeconomic issues and a R5.2 billion forex loss. Trading profits nearly halved to R4 billion, and revenue dropped 9% to R50.8 billion. The company attributes its losses to reduced customer spending, piracy, and intensified streaming competition

Streaming Pivot: Showmax & DStv Stream

MultiChoice has doubled down on digital growth:

• Showmax, relaunched with a R1.6 billion investment, saw 50%+ growth in paying users.

• DStv Stream grew paying users by 38%, with revenues up 48%, and decoder sales increased 17% as the company bundled internet services.

• The company also secured local content via NBCUniversal deals, reinforcing its African storytelling focus .

However, Showmax continues to operate at a R2.3 billion trading loss, with issues in streaming experience—especially around sports access and app limitations . While streaming addresses trends, it hasn’t fully offset satellite declines.

Regulatory Turbulence & Takeover Threat

In Nigeria, lawmakers intervened to stop MultiChoice’s proposed price hikes following consumer backlash—it triggered a N150 million fine and mandatory free service for a month. These interventions highlight the fine balance needed between pricing and access in vulnerable economies.

Then there’s the hostile bid by Canal+, which now owns over 45% of MultiChoice. The takeover has raised questions over governance, competition, and African control—regulators and leadership must navigate a complex path .

Legacy & Lessons from Bekker’s Tenure

Koos Bekker stepped down as CEO of Naspers in 2014 but remains Non‑Executive Chair—his influence persists . His key leadership strategies include:

• Visionary market creation: pioneering pay‑TV in Africa.

• Long‑term investing: Tencent stake paid off massively.

• Personal investment: zero salary reinforced accountability.

• Adaptation mindset: from TV to internet and fintech.

His tenure demonstrates how South African entrepreneurship can compete globally—and how aligning interests, taking bold risks, and embracing change can reshape entire industries.

Looking Ahead: Adapting to a New Entertainment Era

MultiChoice now stands at a crossroads:

1. Pricing re-evaluation: It must balance revenue needs with affordability, especially in inflation-hit regions.

2. Streaming reliability: Addressing app issues, sports access, and multi-device streaming to keep pace with global services.

3. Local content focus: Investing more in culturally rich, exclusive programming.

4. Combat piracy: Reclaiming viewers via value-add bundles rather than punitive measures.

5. Governance clarity: Steering through Canal+ ownership while maintaining regional relevance.

Bekker’s legacy gives the company a foundation for transformation—combining local insights with global ambition. The real test lies in converting that legacy into sustainable growth in a digital-first world.