Showing 1 results for:

shut down

by Topic

All results

Billion-Dollar Video Streaming App Quibi Shuts Down After Six Months

Quibi is shutting down after only six months of operation. In an open letter , founders Jeffrey Katzenberg and Meg Whitman confirmed the end of the mobile streaming service that raised close to $2 billion in funding. “We started with the idea to create the next generation of storytelling and because of you, we were able to create and deliver the best version of what we imagined Quibi to be,” the letter reads. “So it is with an incredibly heavy heart that today we are announcing that we are winding down the business and looking to sell its content and technology assets.” Quibi was designed for people on-the-go, but by its launch in early April, the global pandemic was nearing its first peak and potential users were more than likely self-isolating at home. Additionally, the unemployment crisis may have played a part despite Quibi’s fairly inexpensive plans: $4.99 (with ads) or $7.99 (ad-free). However, during its short-lived existence, the short-form entertainment service provided...

Niki McGloster

Oct 22, 2020