Katzenberg told Deadline Hollywood, "There was no question that keeping us going was not going to have a different outcome, it was just going to spend a whole lot more money without any value to show for it. Our failure was not for lack of trying; we’ve considered and exhausted every option available to us. The concept of expensively produced "quick bites" of programming ("Quibi" is a portmanteau of the phrase) sounds appealing, but in practice, Quibi … Katzenberg insisted Quibi’s “quick-bite” content was meant to be watched on smartphones. [55][56] In November 2020 article for the Wall Street Journal suggested other reasons for the service's shutdown include a misjudgment on which programming and technology features would appeal to young consumers, and a high spend on advertising. Katzenberg also struck out in his attempt to sell Quibi’s programming rights to companies including NBCUniversal and Facebook, per The Information’s story this week. [41], The announcement of the shutdown left the fate of existing, upcoming, and planned original programming in "development hell"[42] as Quibi does not own the rights to any of their programming, since their deals with the creators of their original programming allowed them to retain the copyright to their content and distribute it in traditional forms after a few years. Quibi was a short-form video subscription service launched in April of last year. UPDATED: Quibi, the struggling short-form mobile video startup led by founder Jeffrey Katzenberg and CEO Meg Whitman, is shutting down just six … Quibi Holdings LLC is shutting down a mere six months after launching its streaming service, a crash landing for a once highly touted startup that … According to a Wall Street Journal report, Katzenberg called investors Wednesday to tell them Quibi was folding. [11] In July 2020, Sensor Tower reported that about 8 percent of Quibi's early wave of users had converted into paying subscribers,[35] while the subscription analytics firm Antenna reported that 27% of "Quibi day 1, 90-day trial users converted their trials," though Quibi stated that these numbers were inaccurate. [32] Katzenberg and Whitman stated that while Quibi was "in a good financial position" the company's senior executives volunteered to "take a 10% pay cut because it's the right thing to do." On July 8, 2019, BBC Studios announced it had invested in Quibi. Its business plan left neither the resources nor the runway to adapt or overcome obstacles. NBCU was “put off by the fact that Quibi doesn’t own many of the shows it puts on its platform,” according to today’s Journal article. [1], Quibi filed a lawsuit against interactive video developer Eko on March 9, 2020[57][58] seeking a declaration that Quibi did not infringe on Eko's patented technology, as well as an order that Eko withdraw a complaint filed with Apple's App Store and unspecified monetary damages. [5][6], Quibi was founded in August 2018 as NewTV by Jeffrey Katzenberg and was led by Meg Whitman, its CEO. [51] Its series, #FreeRayshawn, won two Emmy Awards on September 20, 2020. r/Quibi: This is a subreddit for fans of Digital Stories & Chapters on Quibi. Quibi's programming consisted of short episodes that people could watch in brief moments throughout the day. [10][11] In 2018, Quibi raised $1 billion in funding from major Hollywood film studios, TV companies, telecommunications companies, technology companies, banks, and other investors including The Walt Disney Company, 21st Century Fox, NBCUniversal, Sony Pictures, Time Warner, Viacom, eOne, Lionsgate, MGM, Madrone Capital, Goldman Sachs, JPMorgan Chase, Alibaba Group, Liberty Global and ITV. Here Are the Famous People Making Shows for It", "Quibi Has Already Booked $100 Million in Ad Sales, Jeffrey Katzenberg and Meg Whitman Say", "Mobile-only: Quibi will be exclusively mobile, dropping early plans for TV apps", "How Quibi Overcame a Rocky Start to Dominate Emmy Nominations in Short-Form Categories", "Mr Beast was turned down by Quibi before app went bust", "We even talked to Quibi and they passed", "Quibi: The Fatal Miscalculation That Doomed Katzenberg And Whitman's Streamer", "They built it, but people did not come: the cautionary tale of Quibi", "Quibi Sues to Block Patent-Infringement Suits Over 'Turnstyle, "Quibi is already locked in a legal battle over its rotating video tech", "Quibi Fighting With Eko Over "Turnstyle" Tech Ahead Of Mobile Site's April Launch", "Complaint, Quibi Holdings, LLC v. Interlude US, Inc. (2:20-cv-02250)", "JBF Interlude 2009 Ltd - Israel v. Quibi Holdings, LLC (2:20-cv-02299)", "Quibi Sued by Eko for Patent Infringement, Theft of Trade Secrets", "Stakes Jump In Quibi Legal Fight As Ellliott Management Finances Eko Lawuit Against Jeffrey Katzenberg-Founded Streamer – Report", Template:Video on Demand Services in Canada, https://en.wikipedia.org/w/index.php?title=Quibi&oldid=999573690, American companies disestablished in 2020, Internet properties disestablished in 2020, Products and services discontinued in 2020, Short description is different from Wikidata, All Wikipedia articles written in American English, Creative Commons Attribution-ShareAlike License, This page was last edited on 10 January 2021, at 21:50. [29], In July 2020, Quibi was nominated for 10 Emmy Awards across three categories: Outstanding Short Form Comedy or Drama Series, Outstanding Actor in a Short Form Comedy or Drama Series, and Outstanding Actress in a Short Form Comedy or Drama Series. The company has seven-year licenses on its short-form series; after two years, content owners have the right to assemble the shows and distribute them elsewhere. Tech investors include China’s Alibaba Group. [38] According to reports in The Wall Street Journal and Recode in September 2020, the platform was looking for a potential acquirer with other possibilities, such as raising more funds, or becoming a public company by backing into a shell corporation. After spending over a billion on its first year of content, it went belly up. [8][9] The service targeted a younger demographic, with content delivered in 10-minute episodes called "quick bites" (with the name Quibi derived from "QUI-ck BI-tes"). [26][27] In the Google Play store, Quibi was the 11th-most-downloaded app as of April 16. ET today. Quibi is a new video-streaming app intended for watching on the go. Quibi with a capital "Q" refers to the service, but all-lower-case quibi is the word the company invented for its short-form episodes, which all run about 10 minutes or less. In 2018, the startup (then called “New TV”) announced that it had raised $1 billion in funding. Quibi said it is shutting down just six months after the early April launch of the short-video app, having struggled to find customers. [40], On October 21, 2020, just six months after Quibi's launch, The Wall Street Journal reported that the streaming service was shutting down. [59] Quibi pre-emptively filed its lawsuit, Quibi Holdings, LLC v. Interlude US, Inc. (d/b/a Eko),[60] in the United States District Court for the Central District of California. [12][13], In 2019, Quibi announced it would launch in April 2020 with two pricing tiers. 274.1k Followers, 0 Following, 1 Posts - See Instagram photos and videos from Quibi (@quibi) [36] Additionally, in July 2020, a federal judge denied Eko's request for a preliminary injunction. Quibi itself put the number at 3.5 million downloads, with 1.3 million active users. [25] On April 14, the company announced it had seen 1.7 million downloads of its app in its release week. [46] On January 8, 2021, Roku officially announced that all of Quibi's 75 programs would be streamed on their platform on free ad-supported channels. In the interview, Katzenberg also cited the unfortunate timing of the launch during the pandemic as a contributing factor. [39], In October, Quibi was made available on Apple TV, Amazon Fire TV, and Google TV. Quibi, the short-video streaming service, is shutting down after launching a mere six months ago, according to The Wall Street Journal. Quibi plans to release three hours of new content every weekday as part of its bid to make watching Quibi a daily habit. That will be a hard sell", "Quibi Lands on Apple TV, Amazon Fire TV, Google TV — but It's Probably Too Little, Too Late", "A look at why Quibi failed so soon after launching", "Quibi's Demise Spurs Hand-Wringing for TV Partners", "Two Veteran C.E.O.s Risk $1.8 Billion on a Streaming App. Variety and the Flying V logos are trademarks of Variety Media, LLC. Quibi blew through $1 billion in cash in six months on high-priced talent. [22][23][24] TechCrunch reported that Quibi saw 300,000 downloads and "hit No. In March 2020, just ahead of Quibi’s April 6 debut, the L.A.-based company announced an additional $750 million tranche of funding from existing and new investors (which it did not identify). "Quibi is not succeeding. [14][15] By late 2019, Quibi announced it had sold out its first-year advertising inventory, which amounted to $150 million. The Katzenberg-founded WndrCo investment vehicle also is a Quibi investor. [63], Former American short-form mobile video platform, United States District Court for the Central District of California, "Quibi Was Supposed to Revolutionize Hollywood. Quibi had cost $4.99 (with ads) and $7.99 (without ads) per month. [29] A feature was added to allow shows to be cast from phones onto TVs through AirPlay and Chromecast, with the screen orientation being set to landscape by default. Eko filed its own separate but related countersuit, JBF Interlude 2009 Ltd - Israel v. Quibi Holdings, LLC,[61] a day later on March 10, alleging that Quibi stole proprietary technology after Eko demoed it to Quibi's employees including Katzenberg. [33] That same month, it was reported that the service was on track for 2 million subscribers in its first year, far below its projected 7.4 million total. 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