Home
Apps
Apps News
Quibi Streaming Service Shutting Down Just Months After Launch

Quibi Streaming Service Shutting Down Just Months After Launch

Quibi was launched in April with content tailored for busy people just as the pandemic compelled them to slow down and stay in.

By Agence France-Presse | Updated: 22 October 2020 10:13 IST

Quibi Streaming Service Shutting Down Just Months After Launch

Katzenberg tried to sell Quibi's catalogue of programmes to NBCUniversal and Facebook without success

Highlights

Quibi has more than 100 original series spanning a range of genres
The episodes were designed to last no more than 10 minutes each
Quibi now plans to wind down operations and sell off its assets

Short-form streaming service Quibi announced Wednesday it is pulling the plug on the platform aimed at smartphone users hungry for entertainment on the go.

The brainchild of Hollywood powerhouse Jeffrey Katzenberg, Quibi launched in April with content tailored for busy people just as the pandemic compelled them to slow down and stay in.

"Quibi was founded to create the next generation of storytelling," Katzenberg said in a release.

Quibi Streaming Service Explores Strategic Options, Including Sale: Report

"The world has changed dramatically since Quibi launched and our standalone business model is no longer viable."

Katzenberg reportedly tried to sell the startup's catalogue of programmes to companies including NBCUniversal and Facebook without success.

The streaming service has more than 100 original series spanning a range of genres with episodes specifically designed for viewing on smartphones and lasting no more than 10 minutes each, according to the startup.

Quibi Sees More Than 300,000 Downloads on Launch Day: Sensor Tower

"We have assembled a world-class creative and engineering team that has created an original platform fueled by groundbreaking technology and IP, enabling consumers to view premium content in a whole new way," Katzenberg said.

Quibi now plans to wind down operations and sell off its assets.

The fledgling platform scored 10 Emmy nominations including for cop spoof revival Reno 911! and dystopian thriller Most Dangerous Game including two Emmy wins for actors in "#FreeRayshawn."

Quibi Review: Bite-Sized Content, Terrible Pricing

The multi-billion-dollar streaming platform had bet it could transform entertainment with short, Hollywood-quality clips.

'Big idea' gone bust

Industry legends and stars from Steven Spielberg and Guillermo del Toro to Jennifer Lopez and Reese Witherspoon were among those who lined up to make movies and shows for the youth-focused, smartphone-only service.

Hollywood stars committed to work with Quibi thanks to Katzenberg, a towering figure in Tinseltown who ran Disney Studios for a decade and co-founded DreamWorks.

Quibi had also hoped to keep users coming back with daily news, sports and entertainment shows.

"Quibi was a big idea and there was no one who wanted to make a success of it more than we did," Katzenberg and Quibi chief executive Meg Whitman said in a letter to its employees posted on Medium.

"Our failure was not for lack of trying; we've considered and exhausted every option available to us."

Taking on titans

While Quibi specialised in short-form shows to watch during spare minutes of the day, say waiting for transit or taking a break at work, people who hunkered down at home due to the coronavirus pandemic found time for big-screen options in an increasingly competitive streaming television market.

Disney+ launched by The Walt Disney Company late last year reported having 57.5 million paid subscribers as of the end of June.

It leverages a huge catalogue of Disney animated classics along with its Pixar, Marvel and National Geographic movies, not to mention its wildly successful "Star Wars" franchise.

Meanwhile Netflix has added 28.1 million paying subscribers so far this year, reporting this week that it now has slightly more than 195 million total subscribers.

Netflix and rival Amazon Prime invest billions of dollars in original content to win fans and keep them loyal.

Apple TV launched late last year with a limited catalogue but a low-priced subscription service, while NBCUniversal Peacock and HBO Max streaming television launched earlier this year.

Quibi also had to compete for younger viewers' time with millions of free, often user-generated, videos hosted by YouTube, TikTok, Facebook and Instagram.

Are iPhone 12 mini, HomePod mini the Perfect Apple Devices for India? We discussed this on Orbital, our weekly technology podcast, which you can subscribe to via Apple Podcasts, Google Podcasts, or RSS, download the episode, or just hit the play button below.

Affiliate links may be automatically generated - see our ethics statement for details.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.