Quickflix plans to cut staff, reduce directors' pay and close offices in Sydney and Auckland in an effort to turn around the troubled streaming service.
The company says the new measures - which include reducing office costs in Sydney and Perth, taking customer support in-house and reducing its workforce by 15 per cent - will save more than $1 million a year.
Quickflix's service has been severely affected by last year's entry of US giant Netflix into the Australian market.
It undertook a major restructure to remove costs and cut content deals that were not delivering returns, and recently restructured $7.5 million worth of dues to content providers.
The cash-starved company has been looking to raise fresh capital after a partnership with local rival Presto fell through, while it also abandoned a deal to buy a Chinese film and TV company.
On Monday, Quickflix said its executive directors had agreed to a substantial reduction in salary and partially deferred a part of their salary.
However, they will be entitled to performance rights, which will vest on completion of key milestones in the ongoing restructure and recapitalisation.
Chief executive Stephen Langsford's base salary will reduce to $200,000 a year from April 1, from $280,000 earlier, with payments in excess of $150,000 deferred until a capital raising is completed.
Chief financial officer Simon Hodge's base salary will similarly reduce to $170,000 from $250,000, with payments in excess of $150,000 deferred.
Non-executive director David Sanders will step down in order to reduce corporate overheads, it said.
Quickflix in February said it wants to restructure shares in the company held by rival Stan but said the redeemable preference shares have been a significant roadblock in attracting new investors.
Quickflix shares have been suspended since August, and last traded at 0.1 cents.
