Mobile streaming service Quibi is calling it quits after launching a little over six months ago
According to Deadline, QUIBI investors will soon learn all the details to ending the short-form video service, which could include selling the content or the entire service.
“The management team is exploring options including selling content — it has 100 shows — or the entire service should a buyer emerge. (Attempts to shop it thus far have not gained traction.)
Including what’s owed to creditors, it’s said about $350 million will be left from the roughly $1.8 billion in capital that was raised from a group of media companies, venture firms, investment banks and individual backers.
Subscribers will be notified at a later date since it will take a few months to shut everything down, including the loss of 200 employees.
Did the coronavirus put a damper on Quibi’s on-the-go concept? Or was the launch of the platform just drowned out by other headlines?
I personally was a fan of QUIBI shows “Most Dangerous Game” with Liam Hemsworth, Anna Kendrick’s “DUMMY” and “FLIPPED” with Will Forte, so content quality was not the problem. But, I will admit to never paying for the service, resigning at the end of my free trial offer. My favorite shows had completed their short runs, no pun intended, and there wasn’t anything new coming soon to keep me interested.
Susan Saunders 10/22/20
