The ambitious attempt to create an “African Netflix” has come to an abrupt end.
Canal+, the French media giant that recently seized the reins of MultiChoice, has confirmed it will shutter its streaming service, Showmax, claiming it has been making loses.
The move comes as part of a ruthless cost-cutting drive following Canal+’s acquisition of the South African pay-TV group in September 2025.
While a specific “dark day” for the platform has not yet been set due to lingering legal complexities, sources indicate the service will be discontinued “soon.”
The closure marks a dramatic fall for a platform that was once the crown jewel of MultiChoice’s digital strategy.
Launched 11 years ago in August 2015, Showmax was designed to defend the company’s legacy pay-TV base against the encroaching global might of Netflix, Disney+, and Amazon Prime Video.
Despite a high-profile relaunch just two years ago in February 2024—leveraging NBCUniversal’s Peacock technology, the service failed to gain the necessary altitude.
Even with a combined $309 million in equity funding from MultiChoice and NBCUniversal, the aggressive subscriber targets promised to investors remained out of reach.
In a recent call with investors, Canal+ CEO Maxime Saada was blunt about the platform’s performance, describing its failure as “quite obvious” and noting it was “not a commercial success.”
The financial bleeding at Showmax had become unsustainable for the new parent company.
According to recent financial disclosures, the streaming service’s fiscal health deteriorated sharply as trading losses surged by 88% in the final year leading up to the takeover.
Despite heavy capital investment, revenue experienced a significant decline, leaving a financial void that the new parent company intends to fill through aggressive restructuring.
Consequently, Canal+ has established a rigorous savings target, aiming to shave 400 million euro off its combined budget by 2030 to ensure long-term stability.
“The decision to axe Showmax reflects the continued focus on financial discipline and investment optimization,” the company stated, citing an “increasingly competitive and capital-intensive” global market.
While the standalone app is disappearing, the content itself is being repurposed. MultiChoice has already begun rebranding “Showmax Originals” under its traditional broadcast banners, such as Africa Magic, M-Net, and kykNET.
This content will now transition to DStv’s linear channels.
Furthermore, Canal+ appears to be pivoting away from direct competition with global giants in favor of collaboration.
Following a June agreement to bundle Netflix into its offerings across 24 Francophone countries, insiders suggest this strategy will likely be rolled out across the rest of the continent.
The news has sent shockwaves through the African film community, coming just two years after Amazon MGM Studios halted original commissions in the region in January 2024.
One award-winning South African director-producer told Variety that the loss of Showmax is a “huge blow” to the industry.
“Showmax was one of the only platforms willing to back stories that were bold and authentic. Losing it leaves very little hope that Canal+ will fill that gap with anything of value,” the filmmaker said. “It feels like this horse is getting sent to the factory to be turned into glue.”
In a rare piece of silver lining, there will be no immediate job losses. Under the terms of the acquisition, Canal+ is prohibited from retrenching staff for a period of three years.
Consequently, Showmax employees will be reassigned to other roles within the broader MultiChoice group.
All eyes now turn to March 11, when Canal+ is scheduled to report its first full-year combined financial results since taking control of MultiChoice.