Quibi, the mobile streaming service launched amid great fanfare and nearly $2 billion in start-up capital by Jeffrey Katzenberg and Meg Whitman, is officially shutting down. Deadline has learned th…
Deadline has learned that Katzenberg and CEO Whitman are about to have a call with investors this afternoon to explain their decision to wind down the short-form video service after little more than six months. They are exploring options including selling content or the entire service in the hopes that a buyer emerges.
The startup spent lavishly on promotion, buying multiple TV ad slots on the Super Bowl and the Oscars last February on the heels of a splashy presentation in Las Vegas at CES. After a pullback in the spring, the company revved up the marketing engines again over the summer, buying more TV and digital spots, with more of a focus on individual shows than on introducing customers to the platform. According to ad tracking firm iSpot, the company spent $63.7 million on TV in 2020.
Among other unresolved issues, Quibi is still partially embroiled in crossfire legal action with Eko, the Elliot Management-backed interactive video company, over potential patient infringement over its Turnstyle interface. Kicked off by initial filings by Quibi in late March, the case is understood not to have played a role in the company’s decision to pull the plug.
“Quibi was based on a sound premise,” Leichtman said. But its “challenge in building an active subscriber base goes well beyond the fact that it was designed specifically for mobile phone viewing at a time when people were spending much more time at home.
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