Posted on 10/21/2020 5:42:22 PM PDT by dynachrome
Quibi, the app that staked its future on short videos, is shutting down just six months after it launched, the company announced Wednesday.
"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," co-founders Jeffrey Katzenberg and Meg Whitman wrote in an open letter. "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."
The company, which struggled after launching during the pandemic, has exhausted all options, the letter says. Following an assessment of other strategic options, Quibi's board decided to shutter the company and return the remaining cash to investors, and it plans to seek one or more buyers for it assets.
The mobile-only streaming service was launched in April by Katzenberg, a Hollywood veteran, and Whitman, a Silicon Valley powerhouse. It offered mobile videos and series cut into bite-size segments shorter than 10 minutes.
Unlike short-form videos from YouTube, Instagram or TikTok, Quibi's pitch to consumers was that it offered content created with big production budgets, similar to major series. It raised nearly $2 billion in funding from investors including Disney and Alibaba, and courted top talent like Steven Spielberg and Jennifer Lopez.
(Excerpt) Read more at msn.com ...
“To have a video product doled out in tiny minute increments is just annoying.”
annoying? that sounds stark raving mad ... that would be like having to read a novel by waiting a few minutes between each page ...
THIS is definitely a death due to COVID. It launched this year to offer short video configured for phones. Then, lockdown. Nobody had to commute, so no need to watch on their phone what was available on the big screen. DOA
Carly and Meg are 2 reason NOT to put women in charge of large companies.
One of their “investors” was Alibaba’
“Chinese Government Has A Huge “Stake” In Alibaba”
You can’t get rich giving away 6 months free for just about everyone.
Short videos like hunter bidens?
Meg Shitman., kiss of death on any of her ventures
but THAT FACE
Two establishment Bush Republicans. Both support Biden.
Oh, I see two reasons why Quibi failed
Consider the source FWIW, but Zero Hedge says they burned through most of the $2 billion.
Perhaps more details on that will emerge in other financial articles.
Wonder how much money Magic Meg made off of this scam
Production values excellent. Acting mediocre. Writing horrendous.
The format was odd and it was not on a Roku, Fire TV, Android Box, Smart TV or allows chromecasting. It was just another attempt at Go90. Go90 came out around 2013 and lasted till early 2015. Verizon wanted to make it cellphone only and for kids, teens and young adults. But nobody used it even though it was free. Users wanted it on other devices , mainly the television. Verizon said it was a test for future endeavors. At one time they wanted a Netflix or Hulu like service. After the disastrously Go90 abandoned plans. Quibi was similar concept as it was a android app for phones mainly. Quibi was worse. Small videos clipped at 10 to 15 minutes. They claimed youth had a short attention span, Well HBO Max, Disney Plus, Peacock, Apple TV came out around the same time. People were more interested in that or the other services like Prime, Netflix and Hulu. So users were low and interest was not high. I even think, but not sure, that Quibi also cost money to use. So nobody wanted to Pay for this junk. So it was bound to fold and end. Had some awful content too.
Wow...what a marketing budget. It probably cost them far less than $10 million to create their service.
I “think” they made a lot of original content. If so, that could burn through a bunch of money in a hurry.
If Sears would hage kept their cataloge and digitize it at the start of the internet instead of scraping it all together, there would probably be no Amazon.
No, I don’t think all women are bad at it, I just think these two are just really bad at being CEOs
Meg almost destroyed eBay and could have been the Amazon of the Internet but she was too busy being queen and creating insane rules that chased both sellers and buyers away.
Carly almost destroyed HP, turned it from an enterprise and test equipment company that happens to make printers and consumer laptops and junk and turned into a company that manufacturers cheap printers and consumers junk that just happens to sell enterprise and test equipment.
HP used to rule the enterprise market, now Dell does....
It was all short term gains at the expense of long term planning.
IBM, probably the only tech company that understands this stuff well enough to keep enterprise and ditch the consumer garbage and let dell and apple battle it out.
A man could have easily made these mistakes as well.
It's not mentioned enough but all sorts of things in life have a 90% failure rate. It's the 10% that win that makes it all worth it. Winners know when to quit and try again. It's the nature of life.
Carly destroyed Lucent before she rampaged HP.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.