Showmax Funding, Investors & Competitors

Showmax has raised $176M across 2 funding rounds, most recently a $149M strategic investment round in March 2024.

Last Showmax funding round

$149M

Strategic investment · Mar 2024

Cumulative funding Showmax raised

$176M

across 2 funding rounds

Key investors in Showmax

  • MultiChoice
  • NBCUniversal

Showmax Overview

About Showmax

Showmax is a video-on-demand service streaming movies, TV series, kids' content, and live sports across Africa. Available on smart TVs, smartphones, tablets, consoles, and web browsers, it features local originals and international licenses. Cape Town-headquartered since 2015 as a MultiChoice subsidiary, Showmax reaches 50 African countries with over 150 channels and exclusive Premier League broadcasts.


Founded

2015

HQ

South AfricaJohannesburg

Status

Privately held

Customer focus

B2C

Revenue model

Subscription

Showmax Funding History

Showmax has raised a total of $176M across 2 funding rounds.

Showmax's first fundraising round was a $27M strategic investment round in November 2023. The most recent completed round was a $149M strategic investment round in March 2024.

Showmax funding rounds

Showmax funding rounds
DateStageInvestorsRaisedDeal Summary
Mar 2024Strategic investmentMultiChoice (lead); NBCUniversal (lead)$149MShowmax is a video streaming platform operated by MultiChoice, targeting the African market to compete with Netflix and Disney+, relaunched as 'Showmax 2.0' via Showmax Africa Holdings Limited (SMAH). In March 2023, MultiChoice sold a 30% stake to NBCUniversal (Comcast subsidiary), granting access to Peacock technology and content from NBCUniversal, Universal Pictures, Sky, and others, with MultiChoice retaining 70%. Equity funding is provided proportionally to shareholdings (70/30) during the investment phase for working capital and budgets, up to capped amounts. By 31 March 2024, MultiChoice and NBCUniversal had invested $120 million (R2 billion) in total equity into SMAH. Subsequent tranches followed: $164 million (R2.8 billion) since April 2024, announced in September/October 2024; earlier mentions of $177 million total commitment including $30 million initial, $127 million anticipated by March end, and $20 million prior; another $145 million in April 2025. Alternative figures like R3.3 billion appear, likely equivalent to these USD amounts. The investments fund platform upgrades, new apps, product suites (Entertainment, Entertainment Mobile, Premier League Mobile), local originals in South Africa, Kenya, Nigeria, content licensing, marketing, and user experience improvements to capture market share in Africa's growing streaming sector. Projections indicate Sub-Saharan Africa VoD subscriptions rising from 7 million in 2023 to 16 million by 2029, positioning Showmax potentially as the second-largest service.
Nov 2023Strategic investmentMultiChoice (lead)$27MShowmax is a video streaming platform operated by MultiChoice, a South African pay-TV company, competing in Africa's growing streaming market alongside Netflix and Disney+. In March 2023, MultiChoice formed a strategic partnership with Comcast's NBCUniversal, selling the partner a 30% equity stake in Showmax while retaining 70% ownership. The partnership granted Showmax access to NBCUniversal's Peacock technology and content from Comcast-owned entities including Sky, Universal Pictures, and NBC. Starting in 2024, both MultiChoice and NBCUniversal committed to injecting significant equity funding into Showmax based on their respective shareholdings, with a total of $309 million in new equity announced across contributions made during the investment phase. Showmax had approximately three million subscribers prior to its eventual shutdown announced in March 2026. The platform's financial performance significantly underperformed projections, with revenue declining to $48.5 million in fiscal 2025 while accumulated losses over three years reached approximately $428.9 million, ultimately leading to Canal+ shutting down the service following its September 2025 acquisition of MultiChoice.

Who has invested in Showmax?

2 investors have backed Showmax across its funding rounds, including MultiChoice and NBCUniversal.

Lead investors include MultiChoice and NBCUniversal.


Showmax Investors

Investors in Showmax by funding rounds participated
InvestorHQRoundsRoleFirst check

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Acquisitions by Showmax

Showmax has acquired 1 company to date.

Last acquisition by Showmax was on September 1st 2017. Showmax acquired DSTV Digital Media for undisclosed valuation.


Latest Acquisitions by Showmax

DSTV Digital Media
Description
DSTV Digital Media is a Johannesburg-headquartered satellite television provider operating across sub-Saharan Africa. Part of MultiChoice Group, it broadcasts over 200 channels including sports, movies, and local content to 18 million subscribers in 40 countries. Launched in 1995, DSTV offers HD streaming via DStv Stream app and partnerships with SuperSport for Premier League rights. The platform invests R10 billion annually in African content production and decoder hardware.
HQ CountrySouth Africa
HQ City
Johannesburg
Deal Date1 Sep 2017
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Showmax Competitors

Showmax competitors include listed companies like Comcast and Saregama India, and private ones like Epic Games, Labs, Kakao Entertainment and Icon Health Fitness.

Public and private companies comparable to Showmax
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
ComcastUnited StatesUnited StatesPublicly listed$124B$46B$81B1.4x
Epic GamesUnited StatesRaleigh, NCPrivate$5.7B-$23B3.9x
LabsUnited StatesLos Angeles, CAPrivate--$10B-
Kakao EntertainmentSouth KoreaSeongnamPrivate$1.2B-$7B5.8x
Icon Health FitnessUnited StatesLogan, UTPrivate$1B-$7B7.0x
Saregama IndiaIndiaIndiaPublicly listed$100M$36M$979M8.6x

Showmax Public Comps

Showmax is still privately-owned, but its public comps include Alphabet, Amazon, Netflix, Disney, Spotify, Comcast, NetEase, Warner Bros. Discovery, Baidu and EchoStar.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Alphabet$403B$176B10.2x8.7x23.3x19.0x
Amazon$717B$161B3.9x3.5x17.5x13.8x
Netflix$45B$30B7.1x6.4x10.6x19.8x
Disney$94B$19B2.4x2.3x12.3x10.3x
Spotify$20B$2.4B5.0x4.5x40.5x29.9x
Comcast$124B$46B1.3x1.4x3.5x4.8x
NetEase$17B$5.8B3.1x3.0x8.9x7.7x
Warner Bros. Discovery$37B$21B2.7x2.8x4.8x12.0x

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Common questions about Showmax

When was Showmax founded?Showmax was founded in 2015.
Where is Showmax headquartered?Showmax is headquartered in Johannesburg, South Africa.
Is Showmax publicly listed?No, Showmax is a private, VC-backed company.
How much funding has Showmax raised?Showmax has raised $176M across 2 funding rounds.
What was Showmax's last funding round?Showmax's last funding round was a $149M strategic investment round in March 2024, led by MultiChoice and NBCUniversal.
Who are Showmax's investors?Showmax's investors include MultiChoice and NBCUniversal.
Which companies are comparable to Showmax?Companies comparable to Showmax include Comcast, Epic Games, Labs, Kakao Entertainment, Icon Health Fitness and Saregama India.
How many companies has Showmax acquired?Showmax has acquired 1 company, including DSTV Digital Media.

See companies similar to Showmax

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