Quickflix survives as Foxtel kills off Presto

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All change in the streaming video business following Seven West's sale of its half share in Presto to partner Foxtel.

Foxtel - half-owned by News Corp - has predictably announced it will shut the service in favour of its "new look" Play, while there were signs Quickflix could gain a new lease of life following its acquisition from administrators.

The Sydney Morning Herald has reported that unsecured Quickflix creditors will now get 21.5 cents on the dollar after agreement was reached for a sale to US-based Karma Media, which apparently intends to focus on niche markets.

Foxtel will also become more flexible, with chief executive Peter Tonagh saying new Play will will mirror the launch of HBO Now in the US and Now TV by Sky in the UK.

A new app will offer five entry level tiers - starting at $10 a month - plus extras for sport and films. Existing Foxtel Play customers will be transferred to the new pricing, and Presto customers will be offered "appropriate alternative content".

Fairfax Media - which owns rival Stan with Nine Entertainment - has hailed the moves as a win for its content alternatives, and says it has been much more effective in marketing to "its massive print and digital audience" than Presto's joint venture partners.

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