on 21 July 2014 it was announced that Nine Entertainment had acquired all of HBO's shares in Quickflix, thus becoming Quickflix's major investor. Nine paid $1 million for HBO's shares, just 10% of what HBO paid. By the following year a number of streaming competitors had launched in Australia: Netflix, Presto and Stan, the latter a joint venture between Quickflix major shareholder Nine and Fairfax Media. With their entry, Quickflix began to haemorrhage subscribers. On 26 April 2016, Quickflix Australia announced that the company had entered voluntary administration, appointing Ferrier Hodgson to oversee the process. Quickflix blamed the company's largest shareholder, Nine Entertainment for their predicament, as they had refused to restructure the shares it had acquired from HBO, which would have enabled Quickflix to raise additional capital for investing in content and marketing to enable it to compete in an increasingly crowded market. According to the company, Nine would only accept the restructure in exchange for a multi-million dollar payment in cash, which the company did not have, or have Quickflix transfer its customers to Stan, which the company refused. Nine also blocked a prospective deal with rival Presto, and the company was also forced to abort the planned acquisition of an unnamed Chinese film and media company. It was reported that in the five years to 2015 the company had posted net losses of more than $40 million in total. On 4 October 2016, U.S.-based Karma Media Holdings acquired Quickflix. Quickflix was relaunched in December 2016, offering a revamped streaming subscription which includes rental of up to four premium titles a month in addition to the set streaming library, and a renewed focus on new release movies. However in the subsequent years Quickflix's streaming library saw increasingly limited updates, and the company's focus largely returned to offering disc rental by mail to a niche consumer base. In May 2021 a winding up application by EnergyAustralia was lodged against the company. Quickflix was wound up by court order in September 2021. See also Internet television in Australia Subscription television in Australia References External links Quickflix.com.au Defunct video on demand services Subscription video on demand services Defunct subscription services Video rental services in Australia Australian streaming companies Australian companies established in 2003 Australian companies disestablished in 2021 Internet properties established in 2003 Companies based in Sydney PlayStation 4 software 2005 initial public offerings 2016 mergers and acquisitions Australian subsidiaries of