Quickflix bolsters subscribers, continues search for new investors
DVD and online film distributor Quickflix remains in discussions with potential new investors after posting an uplift in subscriber numbers during the September quarter.
The company has been rapidly building its online content streaming infrastructure and striking new deals with studios and platform providers, such as the Microsoft XBox, in order to shore up its market position although it continues to lose money.
The number of paying customers lifted by 7 per cent to 119,593 during the quarter while total subscriber numbers lifted by 9 per cent to 129,274, according to a company update. Quickflix's revenue lifted 4 per cent to $5.3 million although costs were $8.74 million. The company had $2.24 million in remaining cash by the end of the quarter.
"Quickflix’s strategy is to become the region’s leading movie and TV streaming service," the company said. "Earlier in the September quarter, the company announced that it was commencing a process to identify strategic partnerships and investors who could support its expansion in the Australian and New Zealand markets. The company is in discussions with local and international parties regarding potential transactions which, if finalised, would significantly enhance its presence in those countries and provide additional funding for growth."
HBO bought a $10 million stake in the company earlier this year.