Already claiming the title of Australia’s leading online movie subscription company, Quickflix Limited has recorded another pleasing annual result for FY09 as consumers opt to stay in and watch movies from the comfort of their living room.
According to the release issued to the ASX, Quickflix had a subscriber growth of 24 per cent to 32,935, its revenue was up 12 per cent to $6.4 million and operating costs were down 17 per cent to $8.5 million.
In addition to this, net operating loss was down 54 per cent to $2.1 million compared to $4.5 million in 2008, member churn was down to an average of 4.2 per cent a month and subscriber acquisition costs reduced by 40 per cent.
The company claimed that a large majority of the growth came in the last six months of the financial year and is continuing in the current year.
“In the short term Quickflix will continue to invest to rapidly grow subscriber numbers and revenue to a level from which further growth can be funded from the company’s operating cash flows,” said the company in a statement.
It was also revealed that future product development will focus on extending its range of titles available for download to own, and download to rent.
Quickflix is confident that it will continue to build market share in the multi-billion home entertainment industry and according to trends overseas the company is positioned well to benefit from the growing trend of consumers seeking entertainment content online.