Quibi is ceasing its operations entirely!

  • AUTHOR: midhat
  • POSTED ON: October 22, 2020

You’ve still some time to bid your farewells to the
shortest-ever-lived streaming service!

Quibi, a short-form mobile-based streaming service, is ceasing its operations
after only six months of being in business. With this decision, Quibi Holdings has
become one of the shortest-lived streaming services of all time!

Founder and co-founder, Meg Whitman and Jeffery Katzenberg announced that
they are shutting down the steaming services.

“We feel that we’ve exhausted all our options. As a
result we have reluctantly come to the difficult decision to wind down the
business, return cash to pour shareholders, and say goodbye to our colleagues
with grace,”
reads the statement.

There are many factors that contribute to Quibi’s fast collapse: the
launch of mobile-based online streaming service in the midst of a global
pandemic where users were caved in their homes; the absence of any unique content
that could lure the subscribers in, or because of the fact that there’s a
tremendous amount of competition in the short form mobile content such as
TikTok, YouTube and other well-known platforms, giving no chance for a newly
launched Quibi to survive in media and technology.

Quibi has so far been unsuccessful because “the idea itself wasn’t strong
enough to justify a standalone streaming service or because of our timing.”

The current subscribers will soon be notified about the last day of
accessibility to the streaming platform. It’s unclear what the company will do
with its expensive lineup of short films and original shows after the shutdown.
It was reported that Katzenberg approached Apple, Warner Media, and Facebook to
acquire the struggling streaming company earlier this year.

After the failed attempts, Katzenberg tried to convince Facebook and NBC
Universal to at least acquire Quibi’s content, but in vain. However, the
company will still try to sell the app and its content in the future.

Quibi took off on April 6th, 2020 with only two ideas:
$4.99 (with ads) or $7.99 (ad-free) services. The unique selling point for
Quibi was that it’s exclusively focused on mobile devices, allowing users to
film and edit in both landscape and portrait formats, which can be seen in any
smart-phone orientation.

There were no free options, only a long free trial, and they did not have
any TV apps until yesterday, when the company rolled out its apps for the Apple
TV, Android TV, and Fire TV.

Despite the heavy investment of $1.75 billion, Quibi proved to be more
of a disappointment than success.

Updated October 22, 2020
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