QUIBI: The End is Nigh
Posted on 10/21/2020
UPDATE: Quibi is shutting down just after 6 months. Katzenberg attempted to sell its current catalog of assets to Facebook and NBCUniversal. Both of them declined.
Quibi, named after quick bytes of content, is the streaming service founded by Jeffrey Katzenberg. Quibi failed to attract enough subscribers in its debut, despite anchoring both Hollywood and social media stars such as Chrissy Teigen.
Quibi raised roughly US$ 1.75 billion from investors. Katzenberg’s co-pilot Meg Whitman, a failed candidate for Governor of California and former CEO of Ebay, is under consideration of a cabinet role should Joe Biden win the U.S. presidency. Could Quibi be closing its doors?
Quibi costs US$ 4.99 per month. Quibi originally projected it would have more than 7 million subscribers after its first year. However, Quibi roughly had only 500,000 subscribers as of a few weeks ago.