After barely 6 months, the plug is already pulled from the project …
A lot of messages have already surfaced that pointed in the direction of an early end of the mobile streaming service Quibi. Now these rumors have been confirmed. After barely six months, the plug is pulled from the streaming service.
A letter sent not only to employees but also to investors explained the company’s shutdown. Quibi was founded by Jeffrey Katzenberg, one of the co-founders of DreamWorks Animation, and Meg Whitman, best known as a former director of Ebay. In total, investors invested more than 1.75 billion dollars in the streaming service. They are now seeing their investment go up in smoke.
Mobile streaming service
The letter looks in different directions for the failure of the project; “Either the idea was not right or the timing was wrong”. Quibi focused specifically on people who are on the road, for example by train or bus. They could watch short episodes with the streaming service. Quibi was founded in April, just at the time when many countries worldwide were in lockdown and displacements had to be kept to a minimum.
The episodes added to Quibi lasted only seven minutes. Remarkably, the applications for both Android TV and Apple TV were only launched in the past week. This was only a few days before the plug was pulled from the company. However, Quibi already suffered the first blow in July of this year. Then it turned out that no less than 90 percent of users did not want to renew their subscription after the three free trial months.
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