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Following Netflix’s confirmation it will launch in Australia next year, Australian streaming provider Quickflix has today announced it will embark on capital raising of around $5.7 million.The move comes a day after Netflix announced it will launch locally in March.
Quickflix has stated the funds will be devoted to content investment among other initiatives.
“The funds raised from the issue will support the company’s strategic objectives and be applied to working capital as well as investment in content and marketing to achieve customer and revenue growth,” Quickflix advised.
Quickflix will undertake a renounceable entitlement issue of five new fully paid ordinary shares for every four held by eligible shareholders at an issue price of 0.3 of a cent per new share.
Quickflix chief executive officer Stephen Langsford has denied the plan is specifically in response to Netflix’s launch, Fairfax Media has reported.
“I’m glad they are coming in through the front door and we will compete with them – we welcome their investment in raising awareness of streaming,” Fairfax reported Langsford as stating.
“We anticipate 2015 will be a fantastic year for streaming and we plan to be the beneficiary of more awareness of streaming.”
