Barely seven months after the launch, the curtain falls on the streaming service Quibi. Founder Jeffrey Katzenberg and CEO Meg Whitman have announced this.
The two have unsuccessfully attempted to sell the streaming service and / or its programs to companies such as NBCUniversal, WarnerMedia, Apple and Facebook and are continuing to look for a possible buyer for Quibi’s properties.
The platform would remain online for several more months and subscribers would be notified in the near future. Quibi had an estimated 710,000 subscribers at the end of the third quarter, 300,000 fewer than in the second quarter. The streaming service hoped to attract 7.4 million subscribers in its first year.
The demise of Quibi has left 200 people on the street. In an open letter, Katzenberg and Whitman apologize to their employees, investors and partners and provide two explanations for why the streaming service failed.
Quibi was meant for watching movies or series on the go, and according to Katzenberg and Whitman, that idea wasn’t strong enough to carry a streaming service. Moreover, due to the corona crisis and the associated lockdowns, it would have been launched at the wrong time.
Source: Variety
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