Australian streaming service Quickflix is looking to raise nearly $6 million in an effort to fend off the arrival of Netflix Down Under.
The Australian home of ‘premium content’ series “The Walking Dead”, “Games Of Thrones”, “Orange Is The New Black” and “True Blood” is making a push to acquire further content and increase marketing as the American streaming giant expands into the region.
The Quickflix plan will see the company launch a rights issue of five ordinary shares priced at 0.3 of a cent each for every four shares.
“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 announced on Thursday.
Quickflix boasts 120,000 subscribers streaming at a monthly rate of $9.99, but has seen share prices tank since early last year, originally trading at 13.85¢ before steadily falling to 0.2¢ this week.
Netflix will hit the Australian market without much of its popular US content- secured by Quickflix and other streaming services prior to Netflix’s arrival in the region- and will feature a modest list of titles including self-financed series “Marco Polo” and “BoJack Horseman” plus Dreamworks’ Madagascar spin-off “All Hail King Julien”, as well as “Bloodline”, “Daredevil” and “Sense8″.
Nine Entertainment and Fairfax Media announced video on-demand service Stan earlier this month, a $100 million project set to bring Breaking Bad’s upcoming prequel “Better Call Saul” to Australian audiences.
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