Mobile Streaming Service Quibi Pulls The Plug

Quibi Over

The much-ballyhooed streaming wars has its first victim. QUIBI HOLDINGS, a programming service designed specifically for the cell phone market with such major players as JEFFREY KATZENBERG and MEG WHITMAN, is folding its tent after only six months after raising $1.75 billion in capital..

The service has been plagued with problems since its APRIL launch, facing lower-than-expected viewership, disappointing download numbers and a lawsuit from a well-capitalized foe. The service offered shows in five-to-10-minute “chapters” formatted to fit a smartphone screen, targeting subscribers on the go, which became a problem when the pandemic hit and people were stranded at home. 

QUIBI's blue-chip advertisers included PEPSI and ANHEUSER-BUSCH, racking up about $150 million in ad revenue. pre-launch, though the disappointing results led some to defer payments.

QUIBI had hired a restructuring firm to evaluate its options, one of which was shutting the company down.

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