The Courier-Mail

Quickflix scrambles to get house in order with review

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STREAMING video service Quickflix has launched a major review aimed at reviving its struggling business.

The company’s shares have been suspended from trade while it undertakes a restructur­e – expected to take at least a month – to remove costs and secure new funds.

Subscriber numbers fell 12 per cent in the three months to June as new competitor­s, most notably Netflix, entered the Australian media market.

A partnershi­p deal between Quickflix and Presto recently fell through, and a deal to buy a Chinese film and TV company also failed to eventuate.

Quickflix shares last traded at 0.1 cents.

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