Quickflix the content streaming Company that was placed into administration last week has put their crown jewels up for sale, this is the same Company that has burnt through $40M building an 80,000 subscriber database over 5 years.
An advertisement in the Australian Financial Review is calling for expressions of interest for the 900,000 marketing database, it’s not known whether Netflix or Foxtel have been offered the database via a private sale.
The advertisement placed by administrators Ferrier Hodgson says the company is selling their 80,000 strong subscriber database and a 900,000 digital marketing database.
What is not known is whether Quickflix customers were ever told that Quickflix had the rights to hawk their details to the highest bidder.
In its last financial statements, it had around $3m in revenue for the quarter and had cash-in-hand of $659,000.
Quickflix CEO Stephen Langsford blamed the amount of money rival service Stan had demanded to give up a set of shares it owns in the business, which Quickflix said was putting off investors.
ChannelNews understands that several movie houses refused to deal with Quickflix as they did not have the capital to fund content acquisition.
According to Quickflix, Stan wanted $4m for the parcel of preference shares it acquired from HBO 18 months ago, or a payment of $1.25m and the transfer of all of Quickflix’s streaming customers.
Quickflix, which began life as a postal DVD rental business, also owns a catalogue of 40,000 DVDs and Blu-ray discs which it houses at a distribution centre in Western Sydney.
According to the ad, statements of interest must be lodged with the administrators by Friday, May 6.
