{"id":31976,"date":"2023-10-20T14:26:32","date_gmt":"2023-10-20T14:26:32","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/workers-given-the-quick-flick-startupsmart\/"},"modified":"2023-10-20T14:26:32","modified_gmt":"2023-10-20T14:26:32","slug":"workers-given-the-quick-flick-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/workers-given-the-quick-flick-startupsmart\/","title":{"rendered":"Workers given the quick flick – StartupSmart"},"content":{"rendered":"
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Troubled video streaming service Quickflix has cut more than 20% of its staff in an effort to survive the Netflix revolution.<\/p>\n

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In a statement on the ASX<\/a>, Quickflix says it has it has found savings of about $4 million through cutting jobs, as well as call centre support, corporate overhead, tech development and infrastructure, content management and marketing.<\/p>\n

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Quickflix halted trading in August as it introduced a restructuring programme in an effort to compete in the increasingly saturated market that\u2019s dominated by international newcomers, such as Netflix.<\/p>\n

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The company also says it has made a deal with a major studio to forgive a debt of about $2 million, and is in talks with three others that it owes $4 million.<\/p>\n

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Quickflix had 71 staff in June last year, but has been struggling to retain users since Netflix launched in Australia in March, losing an estimated<\/a> 5000 paying customers per month.<\/p>\n

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Shares in Quickflix Limited are currently valued at $0.001.<\/p>\n

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The ASX statement also outlined new tactics to try to reach profitability, including an arrangement with an as-yet unnamed video streaming on-demand service, meaning Quickflix would be offering to existing customers and would get a percentage of the signup fees.<\/p>\n

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According to Mumbrella, this provider isn\u2019t Stan or Netflix.<\/p>\n

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Do you know more on this story or have a tip of your own? Raising capital or launching a startup? <\/i>Let us know<\/i><\/a>. Follow StartupSmart on <\/i>Facebook<\/i><\/a>, <\/i>Twitter<\/i><\/a>, and <\/i>LinkedIn<\/i><\/a>.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

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