Quibi said it is shutting down just six months after the early April launch of the short-video app, having struggled to find customers. UPDATED: Quibi, the struggling short-form mobile video startup led by founder Jeffrey Katzenberg and CEO Meg Whitman, is shutting down just six … [3] At the time of the announcement, Quibi had approximately 500,000 subscribers. In a Pandemic", "Roku Nears Deal to Buy Rights to Quibi's Content", "Quibi Is Coming. Quick bites of captivating entertainment, created for mobile by the best talent, designed to fit perfectly into any moment of your day. However, the platform failed to gain traction amid a crowded market for video-on-demand services and the lack of breakthrough shows, forcing it to shut down just six months after debuting. The company had reportedly avoided reducing its staffing levels, though the app had fallen out of the top 1,000 apps on Sensor Tower's rankings. [5][6], Quibi spent over $1 billion on commissioning original content in its first year, totalling 8,500[47] short-form episodes and including over 175 shows. [12][13], In 2019, Quibi announced it would launch in April 2020 with two pricing tiers. [59] Quibi pre-emptively filed its lawsuit, Quibi Holdings, LLC v. Interlude US, Inc. (d/b/a Eko),[60] in the United States District Court for the Central District of California. Katzenberg pitched a sale of the company — which has about 500,000 paying customers — to Apple, WarnerMedia and Facebook but was rebuffed, The Information reported earlier this month. [Later Wednesday. Even after Quibi’s initial subscriber numbers came in lower than its ambitious forecasts, Katzenberg professed to remain bullish on Quibi’s prospects: “I’m still quite optimistic this is gonna work,” he said at an industry conference in June. Quibi famously launched and died last year. Katzenberg insisted Quibi’s “quick-bite” content was meant to be watched on smartphones. Our failure was not for lack of trying; we’ve considered and exhausted every option available to us. According to a Wall Street Journal report, Katzenberg called investors Wednesday to tell them Quibi was folding. [51] Its series, #FreeRayshawn, won two Emmy Awards on September 20, 2020. [19], Quibi launched on April 6, 2020. So, out of respect for these people that put up this extraordinary amount of capital to do it, that's irresponsible and we both felt we shouldn't do it." [1], Quibi filed a lawsuit against interactive video developer Eko on March 9, 2020[57][58] seeking a declaration that Quibi did not infringe on Eko's patented technology, as well as an order that Eko withdraw a complaint filed with Apple's App Store and unspecified monetary damages. Sensor Tower also said the app had been installed by 2.9 million customers, although Quibi says the figure was closer to 3.5 million. The Katzenberg-founded WndrCo investment vehicle also is a Quibi investor. [39], In October, Quibi was made available on Apple TV, Amazon Fire TV, and Google TV. [49][50], Quibi commissioned significant news programming in addition to its entertainment line-up, but it found the news shows attracted minimal interest. The service raised $1.75 billion from investors. In 2018, the startup (then called “New TV”) announced that it had raised $1 billion in funding. Quibi reps did not respond to multiple requests for comment. Instead of half-hour TV episodes or two-hour films, content on Quibi was delivered in episodes of 10 minutes or less. [37], In early August, a free, ad-supported version of the service was released in Australia and New Zealand, and the price of the ad-free version was reduced. Led by Jeffrey Katzenberg and … [54], Reactions to Quibi have been mixed-to-negative. [1] It launched in April 2020, but shut down in December 2020 after falling well short of its subscriber projections. [8][9] The service targeted a younger demographic, with content delivered in 10-minute episodes called "quick bites" (with the name Quibi derived from "QUI-ck BI-tes"). By any metric, Quibi is a failure. Quibi itself put the number at 3.5 million downloads, with 1.3 million active users. Quibi, the short-video streaming service, is shutting down after launching a mere six months ago, according to The Wall Street Journal. [14][15] By late 2019, Quibi announced it had sold out its first-year advertising inventory, which amounted to $150 million. [11] In July 2020, Sensor Tower reported that about 8 percent of Quibi's early wave of users had converted into paying subscribers,[35] while the subscription analytics firm Antenna reported that 27% of "Quibi day 1, 90-day trial users converted their trials," though Quibi stated that these numbers were inaccurate. [17][18] In March 2020, Quibi announced a partnership with Canadian telecommunications company BCE, whereby its Bell Media division would produce Canadian news and sports content for the service (via CTV News and TSN respectively), and Bell Mobility would be Quibi's exclusive Canadian telecom marketing partner. In March 2020, just ahead of Quibi’s April 6 debut, the L.A.-based company announced an additional $750 million tranche of funding from existing and new investors (which it did not identify). [16], In 2020, Quibi presented at CES on its full launch plans including details on its content, technology and partnerships. You will be redirected back to your article in. Quibi last year said it sold out its first-year ad inventory with $150 million in commitments from advertisers including Google, P&G and PepsiCo. That funding round was led by VC firm Madrone Capital Partners; other investors were Goldman Sachs, JPMorgan and John Malone’s Liberty Global. It was founded in Los Angeles in August 2018 as NewTV by Jeffrey Katzenberg and was led by Meg Whitman, its CEO. r/Quibi: This is a subreddit for fans of Digital Stories & Chapters on Quibi. [55][56] In November 2020 article for the Wall Street Journal suggested other reasons for the service's shutdown include a misjudgment on which programming and technology features would appeal to young consumers, and a high spend on advertising. [52], Reed Duchscher, CEO of Night Media, stated that the company had attempted to bring YouTuber MrBeast's content to the platform, but the proposal was rejected. Quibi founder and board chairman Jeffrey Katzenberg. They were also cut up into bite-sized chunks to better be consumed wherever and whenever someone had a … Here Are the Famous People Making Shows for It", "Quibi Has Already Booked $100 Million in Ad Sales, Jeffrey Katzenberg and Meg Whitman Say", "Mobile-only: Quibi will be exclusively mobile, dropping early plans for TV apps", "How Quibi Overcame a Rocky Start to Dominate Emmy Nominations in Short-Form Categories", "Mr Beast was turned down by Quibi before app went bust", "We even talked to Quibi and they passed", "Quibi: The Fatal Miscalculation That Doomed Katzenberg And Whitman's Streamer", "They built it, but people did not come: the cautionary tale of Quibi", "Quibi Sues to Block Patent-Infringement Suits Over 'Turnstyle, "Quibi is already locked in a legal battle over its rotating video tech", "Quibi Fighting With Eko Over "Turnstyle" Tech Ahead Of Mobile Site's April Launch", "Complaint, Quibi Holdings, LLC v. Interlude US, Inc. (2:20-cv-02250)", "JBF Interlude 2009 Ltd - Israel v. Quibi Holdings, LLC (2:20-cv-02299)", "Quibi Sued by Eko for Patent Infringement, Theft of Trade Secrets", "Stakes Jump In Quibi Legal Fight As Ellliott Management Finances Eko Lawuit Against Jeffrey Katzenberg-Founded Streamer – Report", Template:Video on Demand Services in Canada, https://en.wikipedia.org/w/index.php?title=Quibi&oldid=999573690, American companies disestablished in 2020, Internet properties disestablished in 2020, Products and services discontinued in 2020, Short description is different from Wikidata, All Wikipedia articles written in American English, Creative Commons Attribution-ShareAlike License, This page was last edited on 10 January 2021, at 21:50. The Quibi service, which is ostensibly aimed at consumers 18-34, costs $4.99 monthly with ads and $7.99 per month without ads. 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