Quibi is Shutting Down After Just Six Months
October 22, 2020 8:36AM EDT
PARK CITY, UTAH – JANUARY 24: Jeffrey Katzenberg demonstrates Quibi’s Turnstyle technology at Sundance 2020 on January 24, 2020 in Park City, Utah. (Photo by Daniel Boczarski/Getty Images for Quibi)
Quibi is shutting down just six-months after going live.
Founder Jeffrey Katzenberg and CEO Meg Whitman couldn’t find a buyer for the short-form mobile video startup and they announced they are shutting down the business.
They added that they will look to return cash to shareholders, lay off employees as part of the shutdown and look for buyers for its assets.
The service, which had more than 100 original series, struggled to build up subscribers, coming in well below internal projection. Too bad because it looked like there were some decent shows…they just needed to be longer. And…bigger?
https://www.youtube.com/watch?v=d7Lc8Eo6yTc
https://www.youtube.com/watch?v=Q3IRvX9UaIk
https://www.youtube.com/watch?v=6xb21TwRPn4
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