Quickflix CEO resigns amid funding troubles

Quickflix CEO resigns amid funding troubles

Summary: Chris Taylor, CEO of Quickflix, Australia's answer to Netflix, has resigned amid concerns that the company is struggling for funding.

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TOPICS: Networking
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Quickflix CEO Chris Taylor and non-executive deputy chairman Justin Milne have both resigned from the movie-streaming and DVD-rental company as it struggles to pick up the required funding to continue operations.

Milne, a former group managing director for Telstra BigPond, joined the board in July last year, with Quickflix boasting Milne's experience in online retail businesses at the time. Taylor was also appointed in July last year from the role as director of Telstra Media.

Non-executive director Susan Hunter has also resigned from the board.

The company's founder and chairman Stephen Langford will take over the role of CEO following Taylor's departure, and the company's directors will appoint a new director to the board soon.

The company said in a statement to investors that negotiations for future funding are ongoing, and that management is "currently pursuing several options and working through a restructuring plan to reduce costs and capital requirements."

Although Quickflix started out as a DVD-rental company, it rolled out its online streaming service in the 2012 financial year, and now has services delivered to smart TV, PC, PS3, Xbox 360, iPhone, iPad, and a number of Android devices.

In the company's 2012 financial report, it said that it increased the number of subscribers in the last financial year by 59 percent to 118,000. While Quickflix reported a revenue of AU$16.9 million, it incurred operating and marketing costs of AU$30.9 million for the year, resulting in a net loss of close to AU$14 million.

Topic: Networking

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Armed with a degree in Computer Science and a Masters in Journalism, Josh keeps a close eye on the telecommunications industry, the National Broadband Network, and all the goings on in government IT.

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3 comments
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  • I tried QuikFlix earlier this year and cancelled it a short time later

    "Although Quickflix started out as a DVD-rental company, it rolled out its online streaming service in the 2012 financial year, and now has services delivered to smart TV, PC, PS3, Xbox 360, iPhone, iPad, and a number of Android devices."

    The trouble for them is that all of the recent movies can only be watched on their DVD service; not the streaming service. The movies that are/were available on the streaming service are quite old and very poor. There was nothing worth watching.

    The competition for QF are Bigpond movies on demand, AppleTV and so forth, which all give access to recent movies and tv shows. QF is really quite uncompetitive because their streaming offerings are so very old and poor.
    Wakemewhentrollsgone
    • I should add that

      the streaming service itself worked quite well on my, then, ADSL 2+ connection. The problem, as stated, was simply that the streaming movie collection was horrible.
      Wakemewhentrollsgone
  • Quickflix - perfect replacement to the Video Store for us

    We have used Quickflix now for almost 2 years since our local Video store closed and they have been brilliant. Monthly fee , on average we receive 2 blu ray movies a week , choice is extensive . I'm not interested in the streaming service so cannot comment but I do hope they stay alive as their customer service has been excellent
    Wazza11