Troubled streaming service Quickflix is cutting staff and negotiating deals with content providers as it strives to become viable in the highly competitive sector.
Hit by the Australian launch of Netflix and local services including Stan and Presto, Quickflix is cutting costs and considering alternative ways of generating income.
The company, which had 71 staff as of June 2014, has axed 20 per cent of its workforce since the end of August, delivering annual savings of $1.7 million.
It says it's struck a deal with one major studio to release about $2 million in debt linked to content agreements, and three other studios are close to releasing a further $4 million in commitments.
The company also said it had struck affiliate agreements with other local streaming services, and would derive fees for signups to a special streaming offer.
Quickflix shares have been suspended from trade since the collapse in early August of its agreement to resell Presto.
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