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Quickflix subscribers pass 80,000
[Mon 17/01/2011 01:49:12]
By Rachael Gavin
Online DVD rental and movie subscription company Quickflix has reached a milestone of 80,000 subscribers, helping it to post an annual revenue of more than $10 million for the first time.
A steady influx of new subscribers signed up during the December 2010 quarter and similar growth rates are expected this year. The company said total subscribers reached 77,528 at the end of last year, which was up 89 per cent year-on-year and 29 per cent in the quarter.
“These results are extremely pleasing. We ended the calendar year in a solid position, bolstered by solid subscriber growth,” executive chairman Stephen Langsford said in a statement today.
“We’re already seeing healthy subscriber acquisition continuing into January, with paying subscribers exceeding 53,000 and total subscribers (including trialists) surpassing 80,000.”
“The strong uplift in new subscribers joining Quickflix is expected to result in further significant revenue growth in the March 2011 quarter and beyond.”
Online and kiosk DVD rentals may have seen a rise in popularity, but it seems most of us still prefer to walk into a traditional video shop to rent movies.
According to a Choice study, 75 per cent of people surveyed continue to hire films from a walk-in video store although 18 per cent now subscribe to online and mail rental programs.