Canal+ lists on the Johannesburg Stock Exchange to expand into Africa
The Parisian giant has become the first French company to be listed on Africa’s largest stock exchange
from our correspondent Alberto Magnani
NAIROBI - The French entertainment multinational Canal+ has made its debut on the Johannesburg Stock Exchange, Africa’s largest stock market by market capitalisation, which stood at over $1.5 trillion at the end of May. The listing comes 18 months after its debut on the London Stock Exchange and marks a first: Canal+ is the first French company to be listed on the JSE. The share opened higher at 58.5 rand, around $3.50, before trading at similar levels throughout the session. The move to the South African market is part of Canal+’s continental expansion strategy; the company already operates in 70 countries across Europe and Africa, offering services including pay-TV and streaming. The expansion of its African footprint hinges on a mission implicit in the Johannesburg debut: the relaunch of a major sub-Saharan player such as MultiChoice.
Doubts about the future of MultiChoice
Canal+ finalised the acquisition of the group in 2025, adding over 20 million subscribers in Africa to its portfolio and expanding its customer base to the 40 million reported today. But the takeover was accompanied by all the usual doubts regarding the future of MultiChoice, a company as deeply rooted across the continent as it is weakened by unfavourable economic conditions. The group, which was delisted from the Johannesburg Stock Exchange in December, ended the financial year between 2024 and 2025 with a loss of 1.2 million subscribers, split equally between its home market of South Africa and the rest of the continent.
“Our presence on this stock exchange,” said CEO Maxime Saada, “enables us to align our capital, governance and creative resources with African investors, partners and the public.” Saada also spoke of the goal of reaching the 50 million user mark, aiming “in the future” to reach the 100 million threshold. The company confirmed to Sole 24 Ore that there is no deadline for the first milestone, although the projection appears to be based on the potential for growth in the African customer base and the value of the service portfolio incorporated with MultiChoice.
The (unusual) growth of the sub-Saharan market
The African market is set to grow at a healthy pace thanks to demographic factors and the proliferation of mobile devices, although its characteristics differ from those of more mature markets.
According to an estimate by 3Vision, a British consultancy firm, the sub-Saharan video market is witnessing both the rise of streaming and the ‘resilience’ of the traditional pay-TV model. The firm also predicts that streaming revenues could rise sixfold, from $372.4 million in 2020 to an expected $2.2 billion by 2030. Pay-TV revenues are expected to grow from $4.6 billion to $5.9 billion over the same period, ‘reinforcing its dominance in absolute terms’.
