Quibi to shut down six months after launch
After raising nearly $2 billion in funding and promising to reinvent the way people consume entertainment programming, Quibi is shutting down, according to a report in theJeffrey Katzenberg and Meg Whitman's short-form video startup began informing investors of the move on Wednesday, per, capping off a six-month struggle to attract subscribers to Quibi's slate of mobile-first shows.
Katzenberg had been dreaming up the idea that turned into Quibi for several years. After he sold DreamWorks Animation to NBCUniversal in 2016, he set about putting the pieces in place to launch a mobile-first video business. He tapped Whitman to lead the business as CEO and together the duo raised $1 billion in funding from a cadre of investors that included every major Hollywood studio.
His plan was to lure subscribers with premium shortform stories that could only be watched on a mobile phone, and he quickly signed on filmmakers including Antoine Fuqua, Sam Raimi, Guillermo Del Toro and Catherine Hardwicke to make projects for the service. But Quibi's April launch was derailed by the early days of the novel coronavirus pandemic, which forced people to stay home and and made it harder for the company to sell them on paying $5 per month for programming meant to be watched on the go. The service has struggled to build up subscribers, coming in well below internal projections, according to a source.
Still, the shutdown will come as a surprise to many inside and outside the company, which has been conducing business as usual, per one source who has business at the streamer, even as Katzenberg and Whitman explored strategic options.
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