For every $1 Showmax made, it lost $2.50

The financial trail behind the Showmax experiment tells the story: between 2023 and 2025, it generated $204.29 million in revenue but recorded more than $523.53 million in operating losses, while committing hundreds of millions more to rebuild its technology and content library.
The platform lost $2.50 for every $1 it generated in revenue during that period…