Quickflix Ordering Chinese Takeout5 Aug, 2015 By: Erik Gruenwedel
What do you do when Netflix is eating your lunch down under? Order Chinese takeout.
That’s apparently what Quickflix is doing. Australia’s financially challenged and first subscription streaming service Aug. 5 announced it had entered into a non-binding “memorandum of understanding” with a Shanghai-based film and TV company to combine their businesses.
Specifically, Quickflix is looking to transplant a SVOD (and by-mail disc rental) business model targeting 25 million Aussies (and Kiwis in New Zealand) for 1 billion consumers in China.
The unnamed Chinese studio produces original movie and TV content, and has co-productions in China and with a studio in the United States.
Quickflix ended June with less than $1 million (Australian) in cash and a subscriber base of 108,000. The Perth-based service attributed much of its fiscal woes to the March arrival of Netflix and subsequent launch of rival SVOD services.
Quickflix said it undertaking further due diligence and would provide an update to the market by Aug. 20.