Quickflix posts bumper quarter, but profit nowhere in sight
Thursday, April 19, 2012/
DVD and streaming movie rental company Quickflix has turned over a bumper quarter but is still yet to make a profit.
According to the company’s latest figures, paying subscribers rose by 67% over the year to 107,520, while total subscribers rose by 50% to 13,029.
The company also signed deals with HBO, MGM, BBC and ITV, and launched its movie streaming service in New Zealand.
And while revenue rose by 15% during the latest quarter, the company is yet to turn a profit. Revenue receipts were $4.9 million in the quarter.
Quickflix has previously said it will start more marketing campaigns as subscribers grow over 100,000, which will in turn lead to a profit.