Quibi shut down: Why is Quibi shutting down? When did Quibi launch?

Quibi shut down: Why is Quibi shutting down? When did Quibi launch?

After six months of struggling to amass strong subscription numbers since its launch and failing to find a buyer to keep them afloat, Jeffrey Katzenberg's mobile streaming platform Quibi is reportedly shutting down, according to The Wall Street Journal.

Media reports indicated Katzenberg could be wanting to sell Quibi's material to companies like Facebook and NBCUniversal.

These applications can be regarded as the last link of Quibi's efforts to attract more attention after its launch as a mobile application. Katzenberg also, according to a Tuesday report by The Information, has "told people in the industry that he may have to shut down the company".

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In June, Quibi was on pace to pull in 2 million subscribers by the end of the year, which was well below its projection of 7.4 million subscribers.

In the U.S., Quibi charges $4.99 per month for its ad-supported version and $7.99 for its ad-free version. The service was initially focused on only delivering its content - which is chopped up into 10-minute episodes - to mobile devices, envisioning customers consuming those quick bites during commutes and other small breaks in busy days. The COVID-19 pandemic caused many Americans to stay at home, negating the need to consume content on the go through smartphones.

Ironically, the latest report about Quibi's potential demise comes as the startup continues to address a quibble that consumers had with the new service soon after launch – support for TV-connected streaming platforms.

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