Another Quickflix deal has fallen through, this time in China

Kevin Spacey as Frank Underwood in House of Cards. Supplied

Quickflix, a local competitor to the US-based giant streaming company Netflix, says the acquisition of a media player in China has fallen through.

Earlier this month Quickflix signed a non-binding memorandum of understanding with an unnamed Shanghai-based film and television company.

However, today Quickflix says it decided not to go ahead based on due diligence of the company and advice about Chinese regulations and restrictions.

“Quickflix recognises distribution of content into China and of Chinese content to the rest of the
world is a significant opportunity and it is continuing to develop a China strategy,” the company said.

The company is pursuing opportunities for licensing and operating its streaming platform as a branded or white-label service in other international markets.

Quickflix, which has been losing 5000 subscribers a month since Netflix launched in Australia in March, also had another deal fall over this month — to distribute Foxtel’s Presto.

That agreement was fundamental to the streaming media and DVD library group’s strategy to restructure and cut its content licensing costs to get closer to elusive profitability.

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