MultiChoice to invest $89m more in Showmax as streaming war heats up
- MultiChoice plans to invest $89 million in Showmax by March 31, 2024.
- This investment is part of a larger $129 million commitment with NBCUniversal.
- The funding will be provided on a monthly or intermittent basis, based on working capital requirements and budget decisions.
This investment is part of a larger $129 million commitment by both MultiChoice and NBCUniversal, which holds a 30% stake in Showmax. Currently, the two parties have injected $20 million into the streaming platform.
The equity funding for Showmax is structured to be provided on a monthly or intermittent basis, determined by the platform's working capital requirements and the decisions of its board for budget purposes.
MultiChoice is strategically positioning Showmax to emerge as Africa's premier streaming service. The company plans to relaunch the service later this month, following numerous partnerships aimed at expanding its already extensive content library and enhancing the underlying technology. Among the planned offerings are specialized packages such as an English Premier League-only package, data-saving streaming bundles, and content from subsidiaries of NBCUniversal, including SKY and HBO. This move by MultiChoice aligns with the intensifying competition in the African video streaming market, as companies seek to capture a larger share of the growing digital entertainment landscape.