Quickflix slashes staff and restructures debt as Aussie SVOD player attempts to stay afloat

Australian streaming video on demand (SVOD) Quickflix has moved to slash staff, reduce costs and restructure its debt obligations as it seeks to avoid running of cash.

The local streaming player which has long been beset by financial problems went into a trading halt back in August as it attempted to head off potential insolvency, has announced a restructure which sees it slash 20 per cent of its workforce – thought to be around 15 staff – and cut costs by more than $4m a year.

Quickflix, which has debts of more than $6m in licensing arrangements to the major movie studios, also noted that it had restructured some $2m of that debt and received “in principle” agreement with three other studios for the other $4m. 

The company also told the ASX it had “reached agreement to enter affiliate arrangements with SVOD operators in Australia and New Zealand whereby the company will introduce a SVOD offer to its customers and derive a fee for signups to that offer.”