Thursday, November 26, 2020

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Quibi confirms it’s shutting down

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PARK CITY, UTAH - JANUARY 24: Jeffrey Katzenberg demonstrates Quibi's Turnstyle technology at Sundance 2020 on January 24, 2020 in Park City, Utah. (Photo by Daniel Boczarski/Getty Images for Quibi)


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It hasn’t even been a year since the Jeff Katzenberg / Meg Whitman-lead Quibi launched, and today the company announced it’s closing up shop. Confirming the details leaked from a call with investors, Quibi’s leaders said in a letter that the service’s lack of success is “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.”

The confirmation comes just a day after Quibi finally launched several TV apps for its service on Fire TV, Apple TV and Android TV, at the same time reports surfaced that its chairman Katzenberg had looked into selling the company’s content library.

Developing…

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