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 ...
Meg Whitman, a rino, doesn’t look too good.
They burned through $2B in 6 months? Yeah. That’s a money laundering operation.
2 BILLION dollars spent. I never heard of this company or product until today, when they announced closing. Guess they couldn’t milk more money out of it?
Don’t they have Reno 911? They should be able to at least sell that back to Comedy Central or Netflix
I hadn’t heard of them before today, either, but I hang out at some wilder sites of news, views and off the wall stuff(zerohedge.com)
Struggled during the pandemic, when lots of people had little else to do than watch short videos?
They must have banned porn.
They raised $2 billion. They didn’t spend $2 billion.
Did Hunter bring the $2B back from China? Did it all flow to Democrat candidates?
Whattaya gonna do? Trump was single-handedly holding down Twitter while the twits were glued there, tweeting through a 24-hour day. No one was leaving that for something else!
RAISED $2b. Not spent it.
That’s what it sounds like to me.
To me, Quibi was a utterly ludicrous concept in light of how people like to “marathon” series all in one fell swoop. To have a video product doled out in tiny minute increments is just annoying. Heck, old movie serial episodes were longer.
QB to the tune of 2B? Yup, money laundering.
“because of you, we were able to create and deliver the best version of what we imagined Quibi to be, so it is with an incredibly heavy heart that today we are announcing that we are winding down the business”
hmmm. apparently the very best version wasn’t good enough ...
Also, I think tik-tok kicked their butt.
They pay themselves a salary of a couple of million dollars a month and then declare bankruptcy. It’s good work if you can get it.
“We were able to create and deliver the best version of what we imagined Quibi to be,”
Well, I can imagine the best version of what a train wreck could be, but “best” doesn’t mean it’s any good.
Meg Whitman?
The bitch that destroyed eBay
If eBay had a real CEO, it would have killed Amazon early on
She’s destroyed everything she’s touched. Putting her on a BOD should be a criminal act.
L
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