Quickflix gives its Sydney office the flick while CEO takes a huge pay cut

He still earns more than you though

2015 wasn't a particularly great year for Quickflix. While talking a big game as both local and international streaming services launched in the form of Stan and Netflix, the pioneer service has struggled to compete.

Things haven't improved with the new year either, with the company today announcing it has shut its Sydney and Auckland offices, laying off 15 per cent of its workforce.

In addition, company executives have taken a significant pay cut. CEO Stephen Langsford has slashed his salary by $80,000 to just $200,000 a year.

Quickflix will have to raise $2 million in capital for Langsford to get $150,000 of that though. There's a similar contingency for the Chief Finance Officer Simon Hodge.

Given the company has been in a trading halt since the middle of 2015, and has already asked its customers to invest in the company by buying shares, it's hard to see how this move will help turn around the company's fortunes.

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Editor (Australia)

Nick (Twitter, Google+) is TechRadar's Australian editor, covering all the latest news and reviews from the Great Southern Land. Having spent the past decade editing some of Australia's leading technology publications, Nick's passion for the latest gadgetry is matched only by his love of watching Australia beat England in the rugby.