Short Form Video Service Quibi Shutting Down

Short form video streaming service Quibi is shutting down, according to reports from The Wall Street Journal and The Information. Employees and investors were notified about the impending shutdown over phone calls that went out this afternoon.

Screen Shot 2020 05 27 at 09
Quibi, which launched in April, is similar to Netflix or Hulu but it provides video content in shorter 5 to 10 minute snippets for $4.99+ per month. Quibi envisioned its short form video being watched on smartphones, with the company pouring more than $1 billion into original content.

Following its launch, Quibi saw a slow start, which Quibi founder Jeffrey Katzenberg attributed to the pandemic. Katzenberg called Quibi's launch "not close to what we wanted," and the service ended up with an estimated 400,000 to 500,000 subscribers.

Quibi believed that it would garner approximately 7.4 million subscribers during its first year after launching, and it has so far come nowhere close to meeting that target.

Katzenberg approached several tech executives to see if Quibi might be able to be sold off, but no companies were interested. Katzenberg spoke with Facebook, Warner Media, and even Apple's software and services chief Eddy Cue, all of whom declined a purchase.

Companies were not interested in Quibi because of its unappealing licensing deals. Quibi's content is exclusive to Quibi for just two years, with creators then able to license it to other services, and after seven years, creators get back show ownership. Quibi is also facing a lawsuit from interactive video company Eko, with Eko claiming Quibi stole its horizontal/vertical video content technology.

Quibi also attempted to expand outside of its smartphone-only streaming format, offering apps on other platforms such as the Apple TV. An ‌Apple TV‌ app for Quibi launched yesterday, but the platform expansion has come too late to save the service.

Quibi had backers that included most major Hollywood studios, Alibaba, and Google, and The Information says it will shut down with $850 million in cash and several hundred million in debt. It is not clear how much money will be returned to shareholders, and investors in the company stand to lose money.

Tag: Quibi

Top Rated Comments

MysteryMii215 Avatar
47 months ago
Can we start referring to six months as a Quibi now?
Score: 61 Votes (Like | Disagree)
graywolf323 Avatar
47 months ago
I wonder why they even bothered to release the Apple TV app yesterday
Score: 39 Votes (Like | Disagree)
Realityck Avatar
47 months ago
1 day after the Quibi debuted their Apple TV app. :D
Score: 36 Votes (Like | Disagree)
WhoDatWayne Avatar
47 months ago
That was quick.
Score: 19 Votes (Like | Disagree)
icanhazmac Avatar
47 months ago

('https://www.macrumors.com/2020/10/21/quibi-apple-tv-app/')

Short form video streaming service Quibi today introduced an Apple TV app, allowing Quibi content to be watched on the Apple TV for the first time.

Article Link: Short Form Video Service Quibi Now Available on Apple TV ('https://www.macrumors.com/2020/10/21/quibi-apple-tv-app/')
AND.... it's gone!
Score: 13 Votes (Like | Disagree)
Baumi Avatar
47 months ago

Following its launch, Quibi saw a slow start, which Quibi founder Jeffrey Katzenberg attributed to the pandemic.
That's one of the flimsiest excuses I have ever heard: "Our entertainment streaming service got off to a slow start because it launched at a time when movie theatres and other public entertainment venues were mostly closed and people stayed at home and went online much more than usual."

From my understanding, Disney+ got a boost from its launch in the middle of the Covid lockdowns, and it was one of the few bright spots in Disney's results. Quibi failed because it didn't offer enough interesting content.
Score: 11 Votes (Like | Disagree)

Popular Stories

iphone se 4 modified flag edges

When to Expect the Next iPhone SE to Launch

Friday May 17, 2024 2:03 pm PDT by
It has been over two years since Apple released the third-generation iPhone SE, and rumors continue to surface about a new model. The latest word comes from The Information, which today reported that Apple plans to release a new iPhone SE with a design similar to the standard iPhone 14 in the spring of 2025. If this rumor is accurate, the iPhone SE would finally gain Face ID and a notch...
iOS 17

iOS 17.5 Bug May Also Resurface Deleted Photos on Wiped, Sold Devices [Updated]

Friday May 17, 2024 12:24 pm PDT by
A bug in iOS 17.5 is apparently causing photos that have been deleted to reappear, and the issue seems to impact even iPhones and iPads that have been erased and sold off to other people. A Reddit user wiped an iPad following Apple's guidelines in September of 2023 before selling it off to a friend. That friend updated the iPad to iPadOS 17.5 this week, and began seeing the Reddit user's old ...
iphone se 4 modified flag edges

iPhone SE 4 With Face ID Said to Be Priced Below $500

Monday May 20, 2024 3:43 am PDT by
Apple is targeting a sub-$500 starting price for its upcoming fourth-generation iPhone SE model despite a raft of rumored upgrades coming to the more affordable device. According to leaker Revegnus on X, the U.S. launch price of the fourth-generation iPhone SE will either remain at the same $429 starting price as the current model, or will see an increase of around 10%. Either way, Apple's...
iPhone 16 Camera Lozenge 2 Perspective

iPhone 16 Lineup Rumored to Come in These Two New Colors

Sunday May 19, 2024 11:08 am PDT by
Apple analyst Ming-Chi Kuo today outlined his expectations for the iPhone 16 lineup's color options, revealing that two new colors should replace two of the existing shades. Kuo outlined his expectations in a post on X (formerly Twitter) earlier today. He believes that the iPhone 16 Pro and iPhone 16 Pro Max will be available in black, white or silver, gray or "Natural Titanium," and rose....
oled m4 ipad pro grainy display reports

OLED iPad Pro Users Report 'Grainy' Displays, But It May Not Be a Defect

Friday May 17, 2024 5:57 am PDT by
Some new M4 iPad Pro models are exhibiting a visible static grain pattern across the OLED display, according to several user reports on Reddit (1, 2, 3) and the MacRumors Forums. Image credit: MacRumors user bk215 Users who see the grain generally report that it is most noticeable in dark environments with the display set at a low to medium brightness while viewing content with gray or muted...
iOS 17

Apple Releases iOS 17.5.1 With Fix for Reappearing Photos Bug

Monday May 20, 2024 10:11 am PDT by
Apple today released iOS 17.5.1 and iPadOS 17.5.1, minor updates to the iOS 17 and iPadOS 17 operating system updates that came out last September. The 17.5.1 updates come a week after the launch of iOS 17.5 and iPadOS 17.5. iOS 17.5.1 and iPadOS 17.5.1 can be downloaded on eligible iPhones and iPads over-the-air by going to Settings > General > Software Update. According to Apple's...