Quickflix losses double while subscribers dwindle

Troubled streaming service Quickflix has recorded an $8.6m loss in its latest half yearly financial report, a figure more than double last year’s $4.2m loss.

Today’s release to the Australian Securities Exchange also show its paying customers fell from 122,862 in June 2014 to 117,106 in the six months to December 2014, despite the growing awareness of subscription video on demand services ahead of the formal launches of Stan and Netflix in Australia in 2015.

While the company reported increased revenues, up from $8.6m in 2013 to $9.2m in 2014, the loss was triggered by a blow out in marketing and operating costs.

Last month Quickflix’s share price fell a further 25 per cent after venture capital firm Cashel Capital Partners ceased to be a substantial investors in the company.