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ZARc - 1.54%Investor briefcase Key highlights
Investor briefcase Key highlights
Strategy playing out against tougher than expected macro backdrop
With a 39-year track record, we entertain 19.3 million households of varying income levels across the African content. We create our own local general entertainment content, invest in local sports codes and leagues and secure rights to leading international and sports content from around the world. We deliver this anywhere, any time and on many devices through our satellite broadcast (DStv), digital terrestrial broadcast (GOtv) and OTT/streaming (Showmax, DStv Stream) platforms. We aim to continue growing our linear video entertainment business, while step changing our ambition in the video streaming space through our partnership with Comcast entities NBCUniversal, Sky and Peacock. We are also focused on expanding our ecosystem beyond video entertainment by selectively investing in new growth opportunities that are underpinned by technology, including our 49% investment in sports-betting and digital entertainment company KingMakers, and our 28.5% investment in the Moment, a fintech business. Our technology company, Irdeto, protects platforms and applications for video entertainment, gaming, connected transport and other connected industries.
39
years of historyone of the first pay-TV services to launch outside the USA
50
marketscomprising 1.2bn people(1) 
19.3m
subscribersat Sep '24out of an addressable market of 54m households 3 operating segments
Revenue contribution by operating segment: 1H FY25
Resilient performance and flexible balance sheet (1H FY25)
R25.4bnRevenue
-10% growth
(+4% organic)
R2.7bnTrading profit 46% decline
(-1% organic)
R0.6bnFree
cash flow
R7mAdjusted core
headline earnings
R5.7bnCash
on handPlus R4.4bn in undrawn
facilities Solid growth
Subscriber base (90-day active, millions)
We have a proud history and legacy
Since launching our first traditional linear pay-TV service in 1985, we have provided a window into the world for our viewers and created, developed and shared their stories.
From our first broadcast 39 years ago, MultiChoice now reaches 20.9m subscribers across multiple platforms with numerous products and services. Our technology business, Irdeto, has been around for even longer, solving security problems for its clients for the past 52 years.
We see significant opportunity in sub-Saharan Africa
Sub-Saharan Africa is home to over 1bn people(1), and we have an unrivalled footprint across 50 markets.
As electrification, connectivity and digital banking increase, and a growing, urbanising middle class enjoys rising discretionary spend, the continent represents a compelling addressable market. In video entertainment alone, we estimate the opportunity at 60m households by 2028 and we believe that there are several other verticals that could represent equivalent or even larger addressable markets for our group.
We remain focused on our core entertainment businesses
We understand our subscribers and their evolving entertainment needs.
We create, acquire, license, curate, aggregate and package a unique mix of programming to deliver the best in local and international general entertainment and sports content ‘anywhere, anytime’.
Our next-generation connected devices allow us to offer our customers third-party SVOD services to complement our own exceptional line-up. To accommodate broadening consumer tastes/preferences, we have moved beyond video entertainment into broader areas of interactive entertainment such as sports betting (via KingMakers).
We are building our broader platform to address customer needs
We are looking to expand beyond entertainment by leveraging our scale and reach, trusted brand, technology, unique consumer insights, deep local knowledge and unmatched experience on the continent.
We will look to address our customers’ desire for innovative solutions to their needs where we believe we have a compelling opportunity to add value.
We have identified select areas of opportunity and are exploring options to pursue them through organic initiatives, strategic partnerships and/or direct investment in underlying businesses. We have a disciplined approach to capital allocation and understand the need to drive scale, growth and value creation for our shareholders in a consistent and responsible way.
We have an exciting roadmap and outlook ahead
We have a management team with deep operational expertise, as well as established brands, a large and growing subscriber base, and a unique operating presence that supports our strategic ambitions.
Our capital allocation process is underpinned by a healthy balance sheet, which is the result of strong operational execution, cost discipline and robust free cash flow generation.
| (1) | Per the United Nations Population Division – World Population Prospects 2022 |
