Quickflix cancels the deal with Chinese streaming service




Video steaming services got big markets, but the competition has also increased, as there are number of video streaming provider. The video on demand market of Australia has just became more competitive, due to this many company are trying their best to put his foot forward. But it is sad that the one of leading video streaming service provider Quickflix is struggling in this new competition.

Lately, the company stopped the plan of reselling Presto and it also announced that they were going to obtain a Chinese streaming service company, whose name was not declared. But now, doesn’t seem to be going the way they wanted, as today Quickflix announced that the deal would be no more.

Quickflix has informed its stakeholders through a note to the ASX, which says, “based on due diligence of the Shanghai-based company and advice received in relation to Chinese regulations and restrictions, Quickflix has decided that it will not be proceeding with an acquisition.”

The ASX announcement further reads, “Quickflix recognizes distribution of content into China and of Chinese content to the rest of the world is a significant opportunity and is continuing to develop a China strategy,”

This means that the cancellation of the deal from the Chinese company has not affected their decision to take the brand of SVOD to Chinese mainland. It is really sad the company is finding it difficult to stay in the competition, but we hope this struggling company can overcome it in near future.