An unexpected deviation or a logical progression?
Last week, the biggest pay-tv service in Africa, South Africa-based broadcasting company, MultiChoice Group, stated its venture into the financial technology space with Moment, an integrated payment platform.
The short-term goal of the payment platform is to merge the $3.5 b MultiChoice processes annually; while in the long-term view is to provide payments infrastructure for millions of small businesses on the continent and turn 90% of Africa’s cash transactions digital.
“Moment offers expanded payment infrastructure for businesses across Africa to help them collect and make payments easier, quicker and more affordable in any manner that their buyers or suppliers prefer.” Read part of the statement released by the company. Two other investors are involved in Moment’s creation: London-based fintech, Rapyd, and California-based VC firm, General Catalyst.
Is Moment’s announcement a surprise? Probably. Who would have thought an entertainment giant like MultiChoice would dabble in fintech?
For as long as the broadcasting company has existed (since 1995) it has been enriching millions of lives through its Digital Satellite Television (DStv), a major satellite television service in Sub-Saharan Africa and GOtv, a minor service operating in over nine countries of this area and Showmax service.
MultiChoice has been recognized for one thing only—entertainment in almost all aspects of premium TV viewing.
The company broadcasts in 50 countries in sub-Saharan Africa including Cape Verde and Madagascar. Local language program content is available in French and Portuguese in certain African regions as well as the 11 official languages in South Africa.
However, with the proliferation of streaming services like Netflix in Africa and several other factors, MultiChoice has struggled to keep its once-huge relevance and market share. Thus, losing thousands of subscribers and consequently revenue.
Over the years, it has increased its offerings and subscription fees across several countries. Perhaps to compete favourably with the new entrants into the marketplace.
While the addition of a new fintech app may channel its revenue in an upward trajectory, this move might be a logical progression and be in tune with the times.
MultiChoice, Technology and the Possible Path to Moment
MultiChoice prides itself on being at the forefront of technology through novel and exciting programming such as:
- streaming online
- downloading video content
- dual-view service
- remote control functionality
Let’s not forget the launch of the PVR decoder, DStv-on-demand services, DStv Mobile, high-definition channels and its GOtv digital platform in 2011.
As earlier mentioned, GOtv is a pay television service on digital terrestrial television (DTT). It is Africa’s first commercial operation using the advanced DVB-T2 digital standard.
The above technology examples are evidence of a company at the cutting edge of technology for entertainment and the benefit of its customers.
Even artificial intelligence plays a role in the success of MultiChoice through CRIS.
CRIS -Content Recommending Intelligence System -harnesses advanced algorithms and artificial intelligence to deliver personalized content recommendations. By enhancing the user experience, driving engagement, and fostering loyalty, CRIS cements MultiChoice’s position as a leader in providing tailored and captivating entertainment experiences.
Introducing Moment is a timely addition to the plethora of technology MultiChoice utilises, especially with the rise of fintech in Africa.
It’s an idea whose moment has come.
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