"While the result was not what any of us wanted, we did accomplish a number of things and we are very proud of what the talented Quibi team has built with the blood, sweat, and tears that they poured into this business over these past two years". Shortly after publication, Das Wall Streets Journal Reports Quibi finally shuts down. Founder Jeffrey Katzenberg reportedly informed investors of the decision this afternoon after trying to sell the venture to no avail.
A new report in The Information claims that co-founder Jeffrey Katzenberg has attempted to sell Quibi's programming to Facebook and NBCUniversal while telling others he may have to shut down the company entirely. "So, we may be sheltered in place, but we're watching more video on our phone than we ever have before".
"Great news! We've taken all the awesome Quibi content and made it available on your TV", reads the message.
Quibi reportedly held a call with its investors today (Oct. 21) to provide an update on the status of the company. Quibi's Apple TV, Android TV, and Fire TV apps just launched ... yesterday, six months after the service first went live on mobile. 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.
In a press release the company said "Quibi subscribers will receive separate notifications regarding the final date of access to the platform".
"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", they wrote.
Quibi debuted April 6, touted as a service focused on younger viewers with episodes formatted in "quick bites" - hence, the name - of 10 minutes or less. According to The Verge, more than 90 percent of users who signed up for a free trial of Quibi ultimately unsubscribed at the end of the trial, rather than converting to paying customers (Quibi issued a statement after the publication of that report calling the analysis "incorrect," but did not produce specific data refuting it).