Today Quickflix officially and dramatically signed its own death certificate, opting out of a partnership with Presto to sign the business away to an unnamed Shanghai-based Chinese company.
It’s been a dramatic year for Internet TV in Australia, with the arrival of Netflix in March alongside the likes of Stan and Presto creating an upsurge in mainstream interest (and crippling our broadband infrastructure in the process). Quickflix was always on the outer against these giants, with the announcement of Netflix’s Australian release date in November 2014 triggering a 20% drop in its share price. The company has since gone on to blame a 12% drop in subscriptions to the arrival of the US giant - it seemed the end was imminent.
Appearances were not deceiving - today Quickflix made the following announcement;
“Quickflix is pleased to announce that it has entered into a non-binding memorandum of understanding with a Shanghai-based film and television company to combine their businesses and form a global streaming platform for distribution of Chinese film and TV content into China and international markets.”
While the deal isn’t expected to be ratified until August 20, clearly negotiations are far enough along to free the cat from the bag. It’s something of a surprise, with many experts predicting that the partnership formed with Presto in May 2015 – in which Presto content was streamed through Quickflix - might evolve into a full acquisition. Instead that agreement was terminated on August 4, ahead of today’s announcement.
What is the best alternative to Quickflix?
We cannot say what this means for the future of Quickflix content, or indeed whether it will remain an option in Australia, but the reality is consumers are not short on alternate options. In particular, Presto is currently offering a 90-day free trial of the service, which is sure to lure many of Quickflix’s 100,000-odd users. For more information on what you can enjoy during those 90 days, check out the full list of TV Shows and Movies available on Presto in Australia.