It’s the hook on the door for the power service Quibi – after only six months.
Christoph Waltz og Liam Hemsworth i Quibiserien «Most dangerous game». Photo: Quibi / AP
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Despite billions in investments, including from major film companies in Hollywood, the Quibi fun is now over, Variety reports.
“The world has seen dramatic changes since the launch of Quibi. Our business model is no longer feasible “, writes Hollywood mogul and co-founder Jeffrey Katzenberg in a statement.
In April, when the service was launched, Katzenberg said that Quibi was the model of the future. But the market was not ready for the business idea where original productions, with ten-minute-long episodes that can only be watched on the mobile phone, are offered. Quibi never stepped out of the United States and Canada.
The streaming service has been responsible for original productions with names such as Jennifer Lopez, Jay Leno and Chance The Rapper on board.
Towards the end of September, it was reported that Quibi had 710,000 users in North America, which was 300,000 fewer than three months earlier.
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