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Another trading halt at Quickflix

Streaming company expected to take one month to restructure after enduring big losses.

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Local streaming and DVD service Quickflix has advised the Australian Stock Exchange of another trading halt.

The company which has been losing 5000 subscribers a month since the launch of Netflix in March, recently aborted plans to acquire an unnamed Shanghai-based film & TV company.

Presto also recently withdrew from a said the conditions of its agreement had not been met.

Its losses more than doubled to $8.592 million for the half year to the end of December.

“Quickflix can be a viable player in the high-growth streaming sector if through this restructure it can address the legacy issues holding it back,” the company said in a note to the market.

Fairfax reports the restructure is expected to take one month and will include a cost saving program.

The company is due to announce its annual results this week.

One Response

  1. Its problem is it’s not Netflix. That isn’t going to go away.

    The Australian market isn’t large enough to support more than 1 large Pay TV provider. Netflix, using its global scale and lower tax cost, is likely to be the only dedicated streamer that might be profitable in this country. There will be competition from TV and telecommunications and global media companies.

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