🔍 In a market shift, Showmax surpasses Netflix, claiming a 40% share, while Netflix's grip slips to 35% in the African streaming landscape.
📈 Showmax's strategy of local content focus and a $1 billion investment pays off, attracting 1.8 million subscribers and experiencing significant YoY growth.
💻 Despite industry efforts to increase streaming adoption, Africa's pay-TV subscribers stood at 41 million in 2022, with streaming accounting for less than 10% of the base.
🌐 Netflix's entry into Africa in 2016 led to initial pressure on competitors, but slow market growth persists due to challenges like broadband costs and low income.
🎬 Netflix's strategy combines licensing local content with original productions, with a $175 million investment in six years, especially targeting South Africa, its largest market.
💳 Hindered by low card penetration, Netflix faces subscriber growth challenges, prompting the platform to reduce prices, resulting in a 6.8% growth in subscribers and a revenue spike exceeding $135 million in 2022.
🌍 As streaming competition evolves, Showmax's ascendancy reflects the dynamic landscape of Africa's burgeoning streaming industry.
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