Published: Sun, October 25, 2020
Tech | By

Quibi to shut down on December 1

Quibi to shut down on December 1

Despite raising over US$1.75 billion ahead of launch, the company was not able to turn the mobile-oriented short-form streamer into a viable business. While all of Quibi's content is original for the platform, it is now unclear how numerous shows Quibi actually owns.

"We have reluctantly come to the hard decision to wind down the business, return cash to our shareholders, and say goodbye to our colleagues with grace".

Quibi will shut down for good "on or around December 1st", according to a new blog posted on the company's support site.

If you have a tip about Quibi, contact the author at [email protected], or [email protected].

Sadly, it was revealed from CEO Jeffrey Katzenberg and Meg Whitman that the streaming app is being forced to shut down.

"Right now we have no idea if the Quibi content material will likely be out there wherever after our final day of service", the tip of service announcement provides with some extent of ambiguity.

However, it has failed to compete with the market's leaders Netflix and Amazon Prime.

Right here's every thing you have to learn about Quibi, which was launched by former Walt Disney Studios chairman Jeffrey Katzenberg, and why it is closing down.

"Quibi is not succeeding", they wrote. It's unclear how many of those shows Quibi owns the rights to, or for how long, but Katzenberg said he believes there are interested parties.

The founder and CEO also added, "The circumstances of launching during a pandemic are something we could have never imagined but other businesses have faced these unprecedented challenges and have found their way through it". One such startup that did not handle the pandemic well is the mobile-video app Quibi.

A membership to the service cost $4.99 and the app had actually created $3.3 million in subscription income.

On Wednesday, Quibi - which had banked $1.75 billion in funding - announced that its board had chose to wind down operations and attempt to sell its content and technology assets. Yet neither show, nor Quibi titles starring Liam Hemsworth, Anna Kendrick, Kevin Hart, and others, swayed enough people to pull out their credit cards to subscribe.

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