Astro’s Dramatic Downfall: From Household Favourite to Record-Low Disaster

Astro hits a record-low 13 sen after a 70% profit plunge. Why Malaysia’s pay-TV giant is collapsing — and why I predicted this two years ago.

If you grew up in Malaysia in the 2000s, chances are Astro was a big part of your daily life. Whether it was catching Premier League matches, bingeing drama series, or leaving the Cartoon Network channel running all day for the kids... Astro was the name in home entertainment.

Astro’s Downward Spiral Continues. Honestly, Are We Surprised?

Fast-forward to 2025, and the story couldn’t be more different. Last week, Astro Malaysia Holdings Berhad’s shares hit a jaw-dropping record low of just 13 sen. Yes, you read that right... 13 sen. That’s almost loose change territory for a company once worth billions.

So, how did a former media powerhouse into Malaysian living rooms fall so far? Let’s unpack the numbers and the bigger story behind Astro’s decline — and yes, I did see this coming. Read my blog post that condemned Astro from 2 years ago.

The Latest Earnings Shockwave

On paper, Astro’s Q2 FY2026 results are grim:

• Net profit: Down a staggering 70% year-on-year to RM16.39 million (from RM54.71 million)
• Revenue: Dropped 13% to RM683.21 million, thanks to weaker sales of programming rights
• Share price: Fell 3.7% in one day, closing at 13 sen; total market value now RM679 million 
• Year-to-date share decline: 43.5%
• Five-year share drop: Nearly 84%

A total of 8.7 million shares traded suggests investors were scrambling to cut losses.

What it used to be...

What’s Dragging Astro Down?

Honestly, the warning signs have been flashing for years... even before the pandemic turbocharged streaming adoption. Here are the big factors driving Astro’s slump:  

The Rise of OTT Competitors

Netflix, Disney+ Hotstar, Amazon Prime Video… the list goes on. These platforms offer vast libraries, flexible subscriptions, and... here’s the killer... no clunky set-top boxes.

Illegal Streaming Devices

Cheap TV boxes and illicit streaming services have siphoned away Astro’s traditional subscriber base. Many see little reason to stay when alternatives are cheaper (or even free).

Advertising Revenue Collapse

Brands are shifting ad budgets to social media and digital platforms where they get targeted reach. Astro’s legacy TV ads just aren’t pulling the same weight anymore.

Cost Pressures

Higher content costs and aggressive marketing expenses have eaten into profits. When your revenue is falling, that’s a double blow.

The "Astro One" Strategy Misfire

Astro tried fighting back with Astro One, which is a revamp offering lower-priced bundles to attract cost-conscious customers. Sounds reasonable, right? Well… it backfired:

• Diluted ARPU (Average Revenue Per User) from premium tiers down to RM96.30
• Cannibalised higher-paying customers who switched to cheaper tiers
• Failed to deliver meaningful subscriber growth

TA Securities even bluntly noted that Astro One triggered “subscriber attrition and ARPU dilution,” with no signs of recovery yet.

And Guess What? I Called This Two Years Ago

As aforementioned, back in August 2023, I wrote about my personal frustration with Astro’s disgraceful price hike despite no meaningful improvements read here.

I argued then that raising prices without adding tangible value would push customers away... especially when better and cheaper content options were everywhere.

And now, two years later, my verdict has aged like fine wine. Subscribers have dropped, revenue has eroded, and Astro’s market share is in freefall.

Analyst Verdicts: The Bleak Outlook

It’s not just me seeing red flags. Here’s what investment banks are saying:

• Hong Leong Investment Bank (HLIB): Maintained a “sell” rating, cut target price from 13 sen to 10 sen, slashed FY2026 earnings forecast by 78%.
• TA Securities: Downgraded outlook, trimmed target price from 20 sen to 14.5 sen, cut future earnings estimates by as much as 75% for FY2028.
• CIMB (past reports): Previously highlighted structural challenges Astro faces that can’t be patched with short-term fixes.

The consensus? Astro isn’t just facing a bad quarter... it’s staring down a sustained decline.

Lessons from the Astro Saga

Astro’s freefall is a cautionary tale for legacy media companies:

• Adapt early to digital disruption: waiting too long means playing endless catch-up.
• Value must match price: customers notice when they’re paying more for less.
• Beware cannibalisation: cheaper tiers might poach your own premium customers.
• Customer experience matters: tech glitches, inflexible packages, and bad PR stick in people’s minds.  

What’s Next for Astro?

No matter how you slice it, turning things around will be tough. OTT platforms aren’t slowing down, piracy remains rampant, and advertising trends are only getting more digital.

Unless Astro radically rethinks its model... perhaps moving into original exclusive content, truly flexible subscriptions, and aggressive partnerships — the “record low” we saw this week may not be the last.

Final Thoughts

I don’t take any joy in seeing a Malaysian icon fall this hard. But as a former paying customer turned critic, this was inevitable. Astro forgot that in the entertainment business, customer loyalty isn’t unconditional.

You can’t charge more, give less, and expect people to stick around when the world offers fresher options.

I’d love to hear from you. Were you once an Astro subscriber? Why did you stay or leave? Drop your thoughts in the comments and let’s talk about what Malaysian media needs to stay relevant in this streaming age.