African streaming service Showmax, in which Comcast/NBCUniversal owns a 30 percent stake, posted higher revenue but also increased losses for its latest fiscal year ended in March amid investments related to its recent relaunch, African pay-tv giant MultiChoice Group disclosed on Wednesday.
Showmax’s revenue for the year grew by 22 percent to 1.0 billion South African rand ($54 million). The loss related to the streamer more than doubled from around 1.2 billion rand ($65.0 million) to 2.6 billion rand ($140.5 million) as the company cited an “additional 1.4 billion rand ($75.7 million) investment in Showmax to drive future growth.” But it had previously predicted a bigger loss in the range of 3.0 billion-4.0 billion rand ($162 million-$216 million).
“Fiscal year 2024 was a pivotal year for Showmax as it relaunched across 44 markets in sub-Saharan Africa on Peacock’s world-class platform, which is 4K/Hdr and Atmos ready,” the company said. “Almost 100 percent of the eligible customer base was migrated to the new Showmax platform,...
Showmax’s revenue for the year grew by 22 percent to 1.0 billion South African rand ($54 million). The loss related to the streamer more than doubled from around 1.2 billion rand ($65.0 million) to 2.6 billion rand ($140.5 million) as the company cited an “additional 1.4 billion rand ($75.7 million) investment in Showmax to drive future growth.” But it had previously predicted a bigger loss in the range of 3.0 billion-4.0 billion rand ($162 million-$216 million).
“Fiscal year 2024 was a pivotal year for Showmax as it relaunched across 44 markets in sub-Saharan Africa on Peacock’s world-class platform, which is 4K/Hdr and Atmos ready,” the company said. “Almost 100 percent of the eligible customer base was migrated to the new Showmax platform,...
- 6/12/2024
- by Georg Szalai
- The Hollywood Reporter - Movie News
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