Quickflix slashes jobs

The Aussie video-on-demand service has sacked one third of its workforce as it awaits an announcement about new funding.

The Aussie video-on-demand service has sacked one third of its workforce as it awaits an announcement about new funding.

(Credit: Sony; Quickflix)

The Australian Financial Review is reporting that Quickflix — the closest thing we have in Australia to Netflix — has slashed one third of its staff as it hits a cash crunch, with just AU$2.2 million in the bank.

Quickflix had previously halted its ASX trading, saying that it had an announcement about a new overseas investor, although worryingly it hasn't actually made the announcement yet.

Interestingly, LifeHacker spotted this titbit in the market update that it released yesterday when it announced the cuts: it costs Quickflix AU$60 for each new customer. That's mainly advertising costs, but, as LifeHacker pointed out, when you're only charging AU$14.95 per month for streaming, that's a long time until you're profitable.

Quickflix has put a lot of effort into partnerships this year, with its app now on the Xbox, PS3, Samsung tablets and mobiles, as well a number of smart TVs.

Let us know in the comments whether you're a subscriber, and why.

About the author

Nic Healey is a Senior Editor with CNET, based in the Australia office. His passions include bourbon, video games and boring strangers with photos of his cat.

 

Join the discussion

Conversation powered by Livefyre

Don't Miss
Hot Products
Trending on CNET

CNET's Christmas Gift Guide

'Tis the season for a gadget upgrade

Check out these 9 tablets you'll want to bring home for the holidays.