In breaking news, MultiChoice has announced that streaming service Showmax will be phased out following a “comprehensive review of its streaming activities”.
In a statement released on Thursday morning, the new owners of MultiChoice, CANAL+ SA, said the decision was made by the Showmax board of directors and “reflects the continued focus of MultiChoice, a CANAL+ Company, on financial discipline and investment optimisation, in an increasingly competitive and capital – intensive global streaming environment”.
The board said the substantial annual losses experienced by the Showmax business are unsustainable, thus the decision to “focus on building a sustainable, competitive business for the long term in an increasingly demanding global streaming environment”.
It said the MultiChoice, a CANAL+ Company will deploy its in-house large-scale streaming platform capable of meeting the expectations of African and international consumers.
The good news is that no jobs will be lost in the process.
