Its goal was to shake up the video content industry by providing 10-minute original Hollywood-quality programs delivered to smartphones and mobile devices. Quibi opened for business in the United States and Canada six months ago as the effects of the novel coronavirus pandemic began to set in. Quibi did not immediately respond to multiple requests for comment from on Wednesday. Katzenberg 'has told people in the industry that he may have to shut down the company' if a buyer could not be found quickly, the news site said, citing a person who spoke to him. In a last ditch effort to save the business, Katzenberg had tried to sell its catalog of programming to several companies including to NBCUniversal and Facebook - both of which declined, according to The Information. Quibi said in a statement to : 'Following the Company's wind down and satisfaction of all liabilities, the remaining funds will be returned to its investors as specified in the company's operating agreement.' Instead, the troubled service has been plagued by worries, including anemic subscription numbers, disappointing viewership, and a patent infringement lawsuit financed by powerful hedge fund Elliot Management. Targeted strongly at Millennials and Gen Z, Quibi hoped to position itself as a hip, mobile-first alternative to established streaming giants Netflix, Amazon Prime, and Disney+. The name 'Quibi' was an abbreviation of 'quick bites,' highlighting its video content designed to be viewed on-the-go from a mobile device.
'Likely for one of two reasons: because the idea itself wasn't strong enough to justify a standalone streaming service or because of our timing.' The service launched in April, at the height of the crisis in New York City, and struggled to break though wall-to-wall coverage and gain widespread notice. In their open letter, Katzenberg and Whitman said the pandemic may have played a role in Quibi's failure. I think we thought there would be easier adoption by people to it,' Katzenberg told CNBC. We asked people to pay for it before they actually understood what it was.
Katzenberg, a former top exec and Disney and CEO at DreamWorks, said on Thursday that Quibi had failed so spectacularly because they 'asked people to pay for it before they understood what it was.'
Other series included 60 in 6, a six-minute version of the revered news-magazine show 60 Minutes, and Murder House Flip, in which a team renovates a house in which a murder has occurred and tries to sell it.
The company, which had pitched a paid subscription service for short, 10-minute videos produced at a cost of $100,000 per minute, failed to gain traction despite a massive promotional push.Īmong the shows created for the service were the 'true-crime fashion series' Last Looks, and Chrissy's Court, in which model Chrissy Teigan presided as a TV judge in real-life disputes. In an open letter, Katzenberg and Quibi CEO Meg Whitman, the former chief executive of eBay, thanked Quibi employees for their 'dedication and commitment', saying they 'genuinely loved coming to work with the most remarkable and passionate team that we have ever assembled.' A Quibi spokesperson did not immediately respond to an inquiry from regarding Katzenberg's music recommendation.