Quickflix founder and chairman Stephen Langsford is adamant that the Perth-based streaming service will survive, despite being placed in voluntary administration this week.He has accused rival streaming service Stan and its
co-owner Nine Entertainment of trying to drive his ASX-listed company out of
business by blocking investment it needs to pay for new content and marketing.
Nine had acquired a bundle of redeemable preference shares (RPS) from HBO in
2014 and passed them to Stan, a joint venture between Nine and Fairfax.
“We had discussions regarding restructuring the RPS in a way that would
allow us to raise new capital and grow the business, but it became clear that
Stan had a different agenda, and was primarily driven by the goal of gaining
our member base and removing us as a competitor,” Langsford told newswire
AAP.
Langsford yesterday said Quickflix management will now submit a plan to
administrator Ferrier Hodgson that will “reposition the company as a
broader based digital consumer, e-commerce and entertainment player” and
allow new capital to be raised.
He claimed business remains good, with more than 2200 new subscribers added in
the past week.
