Quibi has officially announced that it will be shutting down. The short-form entertainment service had just launched a little over six months ago. The mobile app features short-form news and entertainment videos (or “quick bites”) running 10 minutes or less in length. Some stars that were featured on its shows include Chrissy Teigen and Idris Elba.
The app was originally intended to provide short clips to those on the go and a younger demographic. However, life changed around the launch of the app back in April with COVID-19. Streaming services like Netflix and Disney+ saw a spike in subscribers. Quibi reviewers panned it for not having enough long-form content and TV shows.
The app had projected 7-million subscribers after 1 year, but just a few week ago only had 500,000. Founder Jeffrey Katzenberg says timing had a lot to do with why the service did not take off. He offers a profound apology to subscribers and investors.
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