Quibi Is Shutting Down After 6 Disappointing Months

Marco Green
October 22, 2020

As reported by WSJ, Quibi has struggled to get off the ground so much it has reportedly considered selling up just six months on from launch.

Introduced soon after the start of the pandemic in April, Quibi was initially considered the hot entertainment start-up after raising $1.75 billion in capital and landing big names like Demi Lovato, Chance the Rapper, Chrissy Teigen and others.

According to The Information, Quibi founder Jeffrey Katzenberg has tried to sell Quibi's content catalog to both NBCUniversal and Facebook, both of which declined the offer. Quibi is also reportedly looking at potentially raising more money or going public by merging with a special-purpose acquisition company.

Quibi responded to the report and said that its launch has been successful.

In June, Quibi was on pace to pull in 2 million subscribers by the end of the year, which was well below its projection of 7.4 million subscribers.

A Quibi subscription costs $4.99 (with ads), or you can purchase an ad-free subscription for $7.99 a month. But it focuses on five- to 10-minute episodes created to be consumed over smartphones.

Multimedia content platform Quibi that prioritizes mobile devices, Apple TV has released Android TV and Fire TV applications. The COVID-19 pandemic caused many Americans to stay at home, negating the need to consume content on the go through smartphones.

Other reports by Click Lancashire

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