After a short 6 months, Quibi is calling it quits and leaving the streaming business. The mobile streaming service focused on shorter length videos that were aimed for on the go viewing. CEO Meg Whitman and founder Jeffrey Katzenberg broke the news today, explaining how a multitude of factors led to Quibi’s end.
“It was clear that for whatever reason this was not going to be as successful as Jeffrey and I hoped”. – Meg Whitman
Quibi launched this past April and caught the eye of younger audiences due to the short form media offered. Videos on the site ranged from 7 to 10 minutes in length. Before COVID-19, this format was ideal for those in their daily lives. Now, most of us are spending more time at home and would rather spend time watching movies or longer shows.
Unfortunately, the current pandemic has left Quibi forgotten in the vast amount of streaming platforms. Like its competition, Quibi had a monthly subscription charge. At $4.99 a month it was cheaper than other platforms but it did lack in terms of media selection. It was reported that the company projected they would have 7 million subscribers after 1 year but within the last few weeks, they only have about 500,000 subscribers.
In the months going forward, Quibi has stated that their focus will be on returning money to investors. The site is expected to stay running for a couple more months but subscribers will receive additional updates soon. Quibi had a great concept but unfortunately, its design backfired due to the current times we’re going through.
