Quibi is running out of options. Update: Quibi is done.

Shawn Knight

Posts: 12,695   +124
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What went wrong? Quibi managed to raise nearly $1.8 billion in funding and attract some of the industry’s top players to produce content for the unique platform. Deciding to launch a streaming service designed for people on the go in the middle of a global pandemic, however, proved to be a major misstep.

Quibi, the short-form video streaming platform launched by Jeffrey Katzenberg and Meg Whitman back in April has officially reached the end of its rope. Tonight in an open letter to Quibi's employees, investors, and partners, Katzenberg and Whitman are saying the game is over and Quibi is shutting down.

Quibi was a big idea and there was no one who wanted to make a success of it more than we did. Our failure was not for lack of trying; we’ve considered and exhausted every option available to us.

Sources familiar with the matter told The Information that Katzenberg recently tried to sell the service’s catalog of content to companies like Facebook and NBCUniversal. Both passed on the offer.

The service saw 300,000 installs on launch day but the momentum quickly slowed. In May, it was reported that advertisers were looking to defer payments following the disappointing launch. By June, it was forecasted that Quibi may only realize 30 percent of its initial subscriber goal in the first year. Now, even that looks very optimistic.

Quibi isn’t throwing in the towel just yet. The powers in charge have since expanded access to additional platforms including Android TV, Apple TV, Fire TV and Fire Stick and have been working to pump out more original content.

Image credit: rafapress

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mbrowne5061

Posts: 1,695   +964
I doubt it would have even been successful without the pandemic. Their entire business plan seems to require exclusive content that people are willing to pay for - they wanted to be a short-form HBO, without the HBO quality.
 
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GreenNova343

Posts: 440   +330
One day perhaps a savvy tech entrepreneur will invent a "pause" button so you can watch content longer than 10 minutes while on the go.
Or come up with a streaming service that "remembers" where you were at when watching a show, so that you can pick up where you left off on it, or even "remember" what episodes of a series you've already watched...
 

OptimumSlinky

Posts: 250   +445
Or come up with a streaming service that "remembers" where you were at when watching a show, so that you can pick up where you left off on it, or even "remember" what episodes of a series you've already watched...
This.

The entire Quibi pitch is eradicated by the "resume" function in Netflix or Prime.

How anyone thought this had a chance is beyond me.
 
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mbrowne5061

Posts: 1,695   +964
I've never heard of quibi and still don't understand what makes it unique or desirable. Why would I want this streaming service?
It is basically a paid version of Instagram stories, but only with celebrities (no friends, no "influencers"). It was never going to succeed, but it might have taken a while to die had Covid not happened.