Canal+ quotes Johannesburg to expand in Africa

NAIROBI - French entertainment multinational Canal+ made its debut on the Johannesburg Stock Exhange, Africa's most capitalised list with over USD 1.5 trillion at the end of May. The listing comes 18 months after its debut on the London Stock Exchange and represents an unprecedented, that of the first French freshman registered on the JSE. The stock opened upwards at 58.5 rand, about $3.5, and then moved to similar values during the session. The move to the South African marketplace is part of the continental expansion strategy of Canal+, which already operates in 70 countries between Europe and Africa with services that include pay TV and streaming. Increasing its African footprint depends on a mission implicit in the Johannesburg debut, the relaunch of a sub-Saharan biggie like MultiChoice.

Canal + formalised its takeover of the group in 2025, taking over 20 million subscribers in Africa and expanding its customer base to the 40 million declared today. But the take-over came with all the attendant doubts about the future of MultiChoice, which is as entrenched on a continental scale as it is weakened by an unfavourable economy. The group, which was delisted from Johannesburg in December, ended the fiscal year between 2024 and 2025 with a loss of 1.2 million subscribers split in half between the original South African market and the rest of the Continent.

"Our presence on this exchange," said CEO Maxime Saada, "allows us to align our capital, governance and creative resources with African investors, partners and audiences. Saada also spoke about the goal of reaching the 50 million user threshold, pushing 'in the future' up to the 100 million mark. The company confirmed to the Sole 24 Ore that there is no target date for the first milestone, although the projection seems to rest on the expansion margins of the African customer base and the enhancement of the service portfolio incorporated with MultiChoice.

The African market is projected to grow at a good pace thanks to demographic leverage and the proliferation of mobile devices, although its physiognomy is different from that of more mature markets.

According to an estimate by 3Vision, a British consultancy firm, the sub-Saharan video market is witnessing in parallel the exploit of streaming and the 'resilience' of the old pay-TV formula. According to the company, streaming revenues could rise sixfold from $372.4 million in 2020 to an expected $2.2 billion by 2030. Those of pay TV are expected to expand from $4.6 billion to $5.9 billion over the same period, 'reinforcing its dominance in absolute values'.