Quickflix lifts customer sign-ups
Shares in Quickflix were up sharply after the movie and television content streaming company reported a 16 per cent jump in customers and a 9 per cent growth in revenue over the March quarter.
The company announced this morning it had increased its base of paying customers by 16,000 to 118,557 over the three months to the end of March.
Total active customers (paying customers plus introductory trialists who have registered with a valid credit card) increased by 13 per cent to 137,059.
Revenue over the period was up 9 per cent to $5.2 million.
"The strength in streaming is reflected in Quickflix recording its third consecutive quarter of more than 20 per cent growth in streaming volumes," the company said in a quarterly update.
Quickflix said it was well positioned to drive further growth, with the streaming market gaining acceptance amongst consumers and growing rapidly.
The company was also confident of being competitive with new streaming market entrant and pay TV giant Foxtel.
"This new competition will increase awareness of streaming generally amongst consumers, which may in turn benefit Quickflix," the company argued.
"At a much lower monthly subscription price than Foxtel, Quickflix is also considerably more affordable."
The company said it was in early stage discussions with investors and potential strategic partners in relation to expansion opportunities across Australia and New Zealand.
Quickflix said it had $3.8 million in cash at the end of March.
Shares in the company were up 0.2 cents, or 28.57 per cent, to 0.9 cents at 9.20am.
