Quibi is no more! The streaming service meant for cell phone viewing and people on the go is shutting down. Quibi has been plagued with problems since it launched in April, facing lower-than-expected viewership, disappointing download numbers and a lawsuit from a well-capitalized foe.
On Wednesday, Quibi founder Jeffrey Katzenberg called investors to tell them he is shutting the service down, some of the people said.
Quibi’s shutdown marks a disappointing turn of events for Mr. Katzenberg, who pitched the streaming service as a revolutionary new entrant to the video-streaming wars. It ended up only lasting 6 months. For many people who are quarantined, working from home, or jobless during the worst pandemic of our, watching shows on their phone, alone, is the last thing they want to do.
The service served up shows in 5-minute to 10-minute “chapters” formatted to fit a smartphone screen, targeting subscribers who wanted entertainment in a hurry. It was primarily aimed at mobile viewers, but the coronavirus pandemic forced would-be subscribers away from the kinds of on-the-go situations Quibi executives envisioned for its users. Are you sad to see it go?