Quibi CEO Meg Whitman, who is 67 days away from the launch of the company’s ambitious new streaming service, claimed that the company doesn’t really see the likes of Netflix, Hulu or Di…
is designed for on-the-go viewing between 7 a.m. to 7 p.m. — with all of its content designed to be watched on a smartphone.
The mobile-video streaming company, founded by media mogul Jeffrey Katzenberg, is an ambitious play — coming into the subscription-streaming game amid a frenzy of activity. “My job is to get the very best out of Jeffrey,” quipped Whitman, who was interviewed by Upfront Ventures managing partner Mark Suster.
Everything on Quibi is made for mobile, with episodes of less than 10 minutes. “We will be the first streaming service that launches without a library because everything needs to be uniquely made for Quibi,” Whitman said. “You can’t take a 60-minute [episode] of ‘Game of Thrones’ and chop it up into 10-minute segments.”
Quibi is investing in mobile content at levels commensurate with primetime TV shows. YouTube creators, she estimated, may spend between $500-$5,000 per minute of video. Quibi is spending up to $100,000 per minute, or $6 million per hour, on production budgets for its top-tier originals, plus a 20% profit margin to the creator. Creators and studios own the intellectual property, and they reclaim rights to the content after it’s licensed to Quibi for seven years.
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