Did you know that Quibi shut down?

yodaisgod

yodaisgod

KHAAAAAN!
So... Wait, a startup with no clue what it's doing, having a bad advertising strategy in a crowded market with a mediocre product, and shuts down after a massively idiotic burn rate?


Short video streaming service Quibi shuts down after just SIX MONTHS in spectacular flop for the $1.75B startup

  • Quibi informed investors of imminent shutdown on Wednesday, sources said
  • Katzenberg reportedly tried to sell Quibi catalog to Apple, Facebook and NBCU
  • Quibi opened for business in the United States and Canada just six months ago
  • Service paid $100,000 a minute to produce fresh content for its platform
  • Offered TV-style series with 10-minute episodes for viewing on mobile phones
  • But failed to attract the millions of subscribers it had projected upon launch
  • Stars Steven Spielberg, Guillermo del Toro, Jennifer Lopez and Reese Witherspoon were among those who signed up to produce shows for Quibi

According to people familiar with the matter, Quibi originally projected it would have more than 7 million subscribers after its first year, but it only had about 500,000 subscribers as of a few weeks ago.
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Yakoo752

Yakoo752

USN
That was fast. It was chaired by Katzenberg who ran Disney for like 10 years and Meg as CEO. So obviously it was going to be a runaway success.

:laughing
 
AbsolutEnduser

AbsolutEnduser

Throttle Pusher
Yakoo752 said:
...and Meg as CEO. So obviously it was going to be a runaway success.

:laughing
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Ahaa.. so that's why I had heard about it. (Wait.. just recalled another short reason)


Well.. as with Desi's threads, YodaKhan... that's good to know!!! :laughing ;)
 
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Yakoo752

Yakoo752

USN
Yeah, $2B spent in 6 months.

The tech isn’t hard and host costs without tons of content is manageable. Where do you think the cash went, outside of chair and ceo?

It was the talk of my investing group for about 10 minutes. I was hopeful but they are super late to the game. Also, have they not heard of a pause button?
 
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D

DReg350

Well-known member
So, my first reaction was that I’d never heard of,... till I googled and read some articles. Then I’m like oh yeah I’ve totally heard about that whole effort and the big ol’ personalities involved. The name, though, was bizarre. Or maybe I wouldn’t have forgotten it so quickly if it had literally been... Bizarre. What genius came up with that forgettable gem?
 
K

ksandvik

abracadabra
I felt that a mobile video streaming service would take off, but the amount of money spent on original content, and here came TikTok with user-provided content that stole the scene.
 
Slow Goat

Slow Goat

Fun Junkie
No kiddin.... any mook could come up with a name that sticks in the mind.

Burn Rates like that make me miss 2000..
 
K

ksandvik

abracadabra
Yes the 1997-2000 good old days with mountains of sushi at holiday parties and 10 high end Sun servers on order each week.....
 
Eldritch

Eldritch

is insensitive
I mean, they could have made an entire Avengers Trilogy for what they spent on content, but I have literally never heard of anything they produced.

:dunno
 
gnahc79

gnahc79

Fear me!
The unfortunate timing of the pandemic right when Quibi launched killed this idea. Never had a chance. And yes why pay $$ for mindless content when you're commuting when you can watch random tiktok, instagram, youtube stuff for free.
 
D

DReg350

Well-known member
gnahc79 said:
The unfortunate timing of the pandemic right when Quibi launched killed this idea. Never had a chance. And yes why pay $$ for mindless content when you're commuting when you can watch random tiktok, instagram, youtube stuff for free.
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That’s the conclusion of multiple news articles I read... timing. Not celebrating that. Don’t need more people out of work right now. Wasn’t gonna be my thing, but still...
 
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