High-profile streamer Quibi is shutting down after subscriber struggles
LA TimesLess than seven months after Jeffrey Katzenberg and Meg Whitman launched Quibi to remake the business of short-form video, the nascent streaming service is shutting down, ending one of the most ambitious and closely watched Hollywood start-ups in years. “The world has changed dramatically since Quibi launched and our standalone business model is no longer viable,” Katzenberg said in the statement. The decision to shutter Quibi — first reported by the Information and the Wall Street Journal — is the most spectacular failure yet in the media industry’s streaming wars era, which has seen the launch of well-backed services including Walt Disney Co.’s Disney+, AT&T Inc.’s HBO Max and Comcast Corp.’s Peacock. Part of Quibi’s pitch to viewers and investors was that millennials would watch Quibi’s shows during “in-between” moments, like waiting in line for coffee and riding the subway to work. “We were not able to do so.” Another problem for Quibi was that people already had plenty of content from social media companies including Instagram and TikTok to keep them occupied during idle moments.
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