Quickflix out of tricks, picks Dick's administrator to get out of fix
The streaming service has declared it will be entering voluntary administration after a troubled recent past.
Quickflix is the first casualty in the Australian streaming war, with the Australian streaming and DVD service appointing accounting firm Ferrier Hodgson as its voluntary administrator on Tuesday. The firm previously oversaw the administration of Australian electronics retail icon Dick Smith.
The move follows a string of cost-cutting measures, a restructuring, a stillborn partnership with streaming service Presto and a mysterious merger in Shanghai. Ultimately, 12 months' worth of increasingly fierce competition spelled the end for Quickflix and its 130,000 subscribers.
Quickflix was the first local streaming service to market, but rivals Stan, Presto and Netflix have dominated since their early 2015 launches.
CEO Stephen Langsford pulled no punches, laying blame at the feet of Nine Entertainment and Stan, both Quickflix stakeholders. "Neither Nine Entertainment nor Stan have ever participated in any capital raisings to assist Quickflix's growth," he said in a statement.