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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.