Quickflix scraps a Chinese acquisition deal

Quickflix has abstained from acquiring a Chinese content company owing to Chinese regulations which was accentuated through due diligence. The video streaming company had announced this non-binding acquisition agreement with a Shanghai-based film and television production company on 5 August.

“Based on due diligence of the Shanghai-based company and advice received in relation to Chinese regulations and restrictions, Quickflix has decided that it will not be proceeding with an acquisition,” said the company in a statement issued to Australian Securities Exchange on 25 August.

The company further added, “Quickflix recognises distribution of content into China and of Chinese content to the rest of the world is a significant opportunity and it is continuing to develop a China strategy. Quickflix is also pursuing opportunities for licensing and operating its studio-accredited streaming platform as a branded or white-label service in other international markets.”

Through this deal, Quickflix intended to aggressively tap international video market apart from Australia and China and thereby enhance its subscriber base. It also anticipated to improve its financial outlook and ability to access further capital for growth through this deal. “The Shanghai-based company is profitable and generates free cash flow. Consolidation with Quickflix would result in the combined entity having a significantly improved financial outlook and ability to access further capital for growth,” Quickflix had mentioned earlier.

Quickflix also scrapped its content deal with Presto because Presto had allegedly not met the reseller agreement. This deal was signed in May 2015.

Quickflix subscriber base grows by 10%

Quickflix, online entertainment and media company, from Australia continues to rack in impressive subscriber numbers with each quarter. The company has just announced that for the December quarter, it added 10,000 new customers and the total number of active customers has increased by 10%. It now stands at 120,800.

In terms of active paying customers, the growth rate stands at 4%. The company now has 102,248 paying customers to its name.  Stephen Langsford, the founder of online platform said, “New platforms launched during this period including the PlayStation 4, LG smart TVs, TiVo and Amazon Kindle Fire added to the demand.” He also noted that the company is looking to sign several big licensing deals in a period of the next couple of weeks that will bring in more eyeballs.

Quickflix has been doing really well in Australia in the past year. However 2014 might see it facing a fresh round of challenges. Persistent rumours have been making rounds in the Australian media that online platform giant, Netflix might be making its debut in the country.

Quickflix partners with Hybrid Television

Australia’s online movie company, Quickflix has announced a new partnership with Hybrid Television. Through this partnership, Quickflix will be able to stream content to those who have TiVo media devices in both Australia and New Zealand.

Stephen Langsford Quickflix Founder and CEO of Quickflix said, ‘‘We are delighted to be working with Hybrid to bring Quickflix to owners of TiVo in Australia and New Zealand. This represents a significant new opportunity to extend our reach.’’

Those who have TiVo devices in both the countries can now not only stream content through their TiVos but also other registered digital devices like mobile phones, Tablets and smarTVs.  TiVo itself is a digital media device and a video recorder. This means Quickflix will discontinue its existing CASPA video on demand service from this December. Quickflix has more than 100,000 subscribers to its name.