Quickflix was one of the first Australian streaming companies but they may not be able to survive the upcoming streaming competition. In the second half of 2014 Quickflix posted an $8.6 million loss. This loss is close to two and a half times the company’s entire current market value according to news.com.au.
This loss could not have come at a worse time for Quickflix as two streaming companies (Presto and Stan) have recently sprung up in Australia and Netflix is opening their doors to Australians on March 24th.
Stan’s subscription numbers are already hot on Quickflix’s heels with reportedly 100,000 subscribers. Quickflix’s subscription numbers have been declining in the last six months and are now estimated to be 117,000.
Presto was also encouraged this week by the announcement that Seven West Media will be allowed to partner with Foxtel’s streaming service.
Richard Freudenstein, Foxtel CEO, announced, “We have big plans for Presto Entertainment to be a leading player in the SVOD (Subscription Video on Demand) space and are excited we can accelerate plans for Presto TV with our partners Seven West Media now that the ACCC has given their consent to our joint venture.”
It remains unclear what will happen after Presto and Stan’s one month free subscription offers run out and Netflix launches at the end of the month. What is clear is that Australians will have more content options on their TVs and mobile devices than ever before.
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