Quickflix loses nearly 6500 customers

Operating and investing expenditure fell 19 per cent to $6.2 million

Paying customers at online and DVD rental company Quickflix dropped 5 per cent to 113,036 in the March quarter.

Subscriber churn increased to 6.7 per cent for the quarter, up from 5.5 per cent in the previous quarter, which Quickflix attributed to the post-holiday period.

"To address the streaming only churn the company has revised its plan structure to encourage new [subscribers] to utilise both streaming and DVD services on bundled subscription plans," the company said.

Operating and investing expenditure fell 19 per cent to $6.2 million, while net operating and investing cash outflow dropped to $1.2 million.

During the quarter the company launched new unlimited DVD and online streaming plans from $14.99 and signed an agreement with HBO for streaming American TV shows.

The company also received $2.5 million in new funding from debt and equity raising, taking its total cash to $3 million at the end of March.

Established in 2004, Quickflix is now going through a transformation, shedding a third of its workforce at the end of last year and implementing other restructuring activities.

The company told Computerworld Australia earlier this year that it was hoping to be profitable by this year.

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