Australia’s largest independent online movie rental company, Quickflix, today announced a strong first quarter performance for 2009, further increasing its membership base and achieving a milestone in distribution levels.
As Current.com.au reported earlier in the year, the online movie rental company had a very successful 2008 with a dramatic increase in membership and revenue, not to mention a fall in operating costs and reduction in net operating losses.
Quickflix has continued this success with pleasing results for the first quarter of 2009, increasing its membership base by 13 per cent and also recording a new milestone with its five millionth DVD delivery over the period.
The success of the company is being attributed to the current economic slowdown and the transition consumers are making to in-home entertainment options.
“Our continued increase in membership has been achieved despite the current economic slowdown, which further demonstrates the underlying attractiveness and sustainability of the Quickflix online model,” said Stephen Langsford, executive director of Quickflix.
In addition to this, Langsford commented that factors like an increased range, no late fees, a new pricing model and the convenience of home delivery has also contributed to the increase.
The company is also expecting a further boost in the near future due to the growing demand of high definition Blu-ray discs in the market place, at the moment Quickflix has over 500 Blu-ray titles available and has one of the largest ranges available for rental in Australia.
Langsford also emphasised the new push into online streaming: “We will focus on leveraging our intimate relationship with online customers in the delivery of streaming and download services across TV-connected devices such as the multimedia PC and may include Xbox, PS3, TiVo as well as new devices that enter the Australian market place”.