When MultiChoice launched Showmax in August 2015, it was meant to be Africa’s answer to Netflix.

Netflix was knocking on Africa's door, Amazon was eyeing the continent, and MultiChoice understood that if it didn't move fast, international companies could dominate the entire market. So they built their own streaming platform, one designed specifically for African viewers, with African stories at the centre.

Showmax was built as a platform designed specifically for African audiences, with local stories and creators at its core.

For a time, the strategy worked.

The platform developed a strong identity and produced originals such as Spinners, Catch Me a Killer, Shaka iLembe, and Khaki Fever. These shows proved that African storytelling could compete in quality and cultural relevance with global productions.

The $309 Million Bet

In 2024, MultiChoice doubled down on Showmax’s future.

The company partnered with NBCUniversal, part of Comcast, to relaunch and upgrade the platform. Together, they invested $309 million to rebuild Showmax with improved technology, stronger content investment, and a renewed ambition to compete with global streaming giants.

At the time, the move signalled something bigger: Africa might finally have a streaming platform capable of standing alongside the world’s biggest services.

But the economics of streaming would soon prove more difficult than anticipated.

Growth Was Not the Problem

One of the surprising aspects of Showmax’s story is that audience growth was never the main issue.

In the 2025 financial year, paying subscribers grew by 44%, showing clear demand for locally focused streaming content.

Viewers were watching the shows and the brand was gaining recognition. From the outside, the service looked like it was thriving.

But there was a challenge behind the scenes.

The Economics of Streaming

Running a competitive streaming platform is extremely expensive.

Content production, licensing, streaming infrastructure, marketing, and platform development all require significant ongoing investment. Even the largest global players continue to spend billions each year to maintain their position.

For Showmax, those costs began to escalate rapidly.

Trading losses increased by 88% in its final year under MultiChoice. At the same time, revenue pressures grew as older product offerings such as Showmax Pro and its diaspora-focused services were gradually phased out.

In simple terms, the platform was attracting more users, but it was also spending far more money to keep operating.

Canal+ Takes Over

In September 2025, French media company Canal+ acquired MultiChoice in a deal valued at roughly $2 billion.

With the acquisition came a fresh review of the company’s operations and financial performance.

Canal+ CEO Maxime Saada did not soften his assessment of Showmax’s position. He described the platform as “not a commercial success”, highlighting the gap between the platform’s ambition and its financial performance.

The new ownership quickly moved into cost-cutting mode, targeting €400 million in savings across global operations by 2030.

In that environment, a streaming service generating large losses became increasingly difficult to justify.

The Beginning of the End

On March 5, 2026, MultiChoice began notifying Showmax subscribers that the platform would eventually be discontinued.

While a final shutdown date has not yet been officially confirmed, the direction is becoming clear.

Instead of continuing as a standalone streaming service, Showmax’s original content will gradually be redistributed across traditional DStv channels such as:

• Africa Magic.

• M-Net.

• kykNET.

• Mzansi Magic.

The brand that once represented Africa’s streaming ambitions is being absorbed back into conventional television.

What This Means for African Storytelling

For filmmakers and creators across the continent, Showmax represented something rare: a platform that actively invested in local stories without requiring them to be reshaped for global audiences.

That kind of support is difficult to replace.

Showmax is not completely gone yet, but the platform is clearly fading.

What began as Africa’s most ambitious streaming experiment is slowly being folded back into the traditional television ecosystem.

The larger question now extends beyond one platform.

If a well-funded, locally built service like Showmax struggled to survive, what does that mean for the future of African streaming?

Africa has the audience and creative talent.

What the industry still needs is a business model capable of turning that potential into a sustainable streaming economy.