Quibi Is Officially Shutting Down, Selling Off Assets

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Quibi Is Officially Shutting Down, Selling Off Assets
Quibi Is Officially Shutting Down, Selling Off Assets

Quibi is an over-the-top American short-form streaming platform that generates content for viewing on mobile devices. It was founded in August 2018, in Los Angeles, as NewTV by Jeffrey Katzenberg and is led by Meg Whitman, its CEO.

“The world has changed dramatically since Quibi launched and our standalone business model is no longer viable. I am deeply grateful to our employees, investors, talent, studio partners, and advertisers for their partnership in bringing Quibi to millions of mobile devices.”  Katzenberg stated.

When the platform was launched in April of this year, the world went into a complete lockdown giving people more time than they ever had. This forced everyone to look for new ways to kill time and no one preferred Quibi, obviously.

You can watch the launch of this platform here- 

Quibi was built for the fast-paced world we used to live in; a world where people did not have time to even think about their own health. But, for better or for worse, that world doesn’t exist anymore.

The company was not able to meet its goal of 7.4 million users and was merely stuck at 1.6 million subscribers. This led to a huge loss at the company’s side. In addition to the loss, a few lawsuits were filed against the company by EKO too, which claimed that the switch between landscape and portrait mode in the app was their brainchild, hence they should be the ones to be credited.

All these drawbacks led to the company selling off its assets. But the founder stated that he still had hope for this streaming platform and he believed that one day it will thrive under the supervision of someone else.

We hope this made your day!

 

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