Quickflix stays in trading halt as company blames Netflix for falling subscriber numbers
Streaming service Quickflix has requested that the ASX allow it to remain in a trading halt until Wednesday as it continues negotiations with an unnamed “international” player about a potential “acquisition”.
The trading halt comes as the company’s latest quarterly report (ASX: QFX), put out late on Friday afternoon, shows the number of Quickflix subscribers declining on both a quarterly and year-on-year basis despite the recent explosion in consumer awareness and sign up to rival services.
Quickflix blamed “pent-up demand for Netflix in particular” for causing a sharp decline in customers early in the quarter, but more concerning for the company is its cash on hand which as of June 30 was $913,000, following its recent capital raising which brought in $775,000.
That suggests the company will require another financial investment to remain viable as the statement shows Quickflix had an operating loss of $1.096m this quarter, up from the $850,000 it lost last quarter, as revenue receipts declined 15 per cent to $4.2m.
If Quickflix was a sick dog we would have put it down already. Quicker someone pulls the plug the less money will be wasted…well, what little money they haven’t squandered away yet anyway.
Damn those pesky competitors. Not that they were cooking with gas before their meagre morsels got turned into a feast.
so when will platform agnostic delivery of a global content license become standard?
or are the dinosaurs going to cling to the dog’s breakfast of delivery systems and licensing deals until the above and/or torrents puts them out of business?
How is Quickflix still a thing?
What maniacs invested $775,000?
It’s not that our product is bad,
it’s just that the competition is so good.
Blaming a competitor’s better product for falling earnings?
Um. That’s not an excuse. That’s just stating a fact, that your product is crap and doesn’t deserve to survive.
Rightly or wrongly, netflix is to streaming what coke is to cola. Everything else just isn’t the same
A shame QuickFlix didn’t corner the market when they were the only player, nor piggyback on all the “Netflix is coming” hype by saying “QuickFlix is already here and Australian”.
I am a supportive customer, and it is a shame to see another American multinational win due to QF’s missteps.
But ultimately, if Australians don’t support Australian owned, then the multinationals will always win.
Amazon still need a platform for their former top gear hosts show. Maybe we will see Amazon make a purchase?
Unfortunately, nobody wants to rent DVD’s in this day and age and QF’s streaming offering is sub par. Not their fault.
Content is king and they don’t have it. Foxtel do.
Now that netflix is here… game over
[Edited under Mumbrella’s comment moderation policy]the fact that they have survived ten years and now have potentially an international partner should tell you that these people arent going to quit, like you people would,lets see what happens to the shareprice tomorrow, [Edited under Mumbrella’s comment moderation policy]!
“Content is king and they don’t have it. Foxtel do.”
all Foxtel have is a bunch of local licensing deals streamed over 20th century tech, stuffed full of ads.
that’s not a business plan, it’s an admission of failure.
You know Quickflix is the only company that actually tells you what their numbers are.
Netfilx won’t and the figure of a million is pure guesswork by a survey company. Netfilx has admitted it got it wrong by offering so much free content at first and it costing them a huge amount. Stan and Presto wont give figures either and I can tell you it has cost them all many hundreds of thousands to set-up . Nobody is making money at the moment.