Tech

Mobile Streaming Service Quibi Shuts Down Six Months After Launching

Despite raising $1.75 billion USD in funding.

By
412 Hypes

Mobile Streaming Service Quibi Shuts Down Six Months After Launching

Despite raising $1.75 billion USD in funding.

Quibi, the mobile streaming service that specialized in short-form content, is shutting down after just six months of operation. According to a Medium post by founder Jeffrey Katzenberg and CEO Meg Whitman, the platform failed due to the timing of its launch (it debuted at the height of the coronavirus pandemic) and the strength of its concept.

Despite raising $1.75 billion USD in funding, Quibi was unable to attract paying subscribers. The Verge reports that the service lost over 90 percent of its subscribers after their three-month trials ran out. In addition, Quibi faced formidable competition as platforms including TikTok and YouTube provide a host of short-form content for free.

“As entrepreneurs our instinct is to always pivot, to leave no stone unturned — especially when there is some cash runway left — but we feel that we’ve exhausted all our options,” Katzenberg and Whitman wrote. “As a result we have reluctantly come to the difficult decision to wind down the business, return cash to our shareholders, and say goodbye to our colleagues with grace.”

Read Full Article
Share this article

What to Read Next

Spotify Launches Streaming Service in Korea Without IU's Music
Music

Spotify Launches Streaming Service in Korea Without IU's Music

The regional platform is also missing tracks from MONSTA X and Zico.
27,170 Hypes

Lush Launches Monthly Subscription Service for Skincare Lovers
Beauty

Lush Launches Monthly Subscription Service for Skincare Lovers

Filled with exclusive products selected by customers.
3,800 Hypes

All the Streaming Features Included With Apple TV+, Available Now
Tech

All the Streaming Features Included With Apple TV+, Available Now

Read on for a full list of the subscription’s offerings.
930 Hypes


Apple TV+ Announces Official Price & Launch Date of Its Streaming Service
Tech

Apple TV+ Announces Official Price & Launch Date of Its Streaming Service

Get all the details here.
2,378 Hypes

Sleeper Launches Shearling Slippers in Bright New Colorways
Footwear

Sleeper Launches Shearling Slippers in Bright New Colorways

Liven up your loungewear.
2,550 Hypes

BrookeAB Talks Sexism in the Video Game Industry, Favorite Streaming Gear and More
Tech

BrookeAB Talks Sexism in the Video Game Industry, Favorite Streaming Gear and More

A must-read conversation for those looking to start a Twitch channel.
4,144 Hypes

Superplastic Introduces Dayzee and Staxx
Culture

Superplastic Introduces Dayzee and Staxx

Two “NYC-based fashion obsessed waitresses who find work as minimum wage celebrity zombie hunters.”
4,041 Hypes

San Francisco Approves CAREN Act, Banning Racial Profiling in 911 Calls
Culture 

San Francisco Approves CAREN Act, Banning Racial Profiling in 911 Calls

Its phonetic similarity to the “Karen” meme was allegedly unintentional.
479 Hypes

8 Must-See Acts at Planet Afropunk Festival 2020
Music 

8 Must-See Acts at Planet Afropunk Festival 2020

The virtual event will feature Ari Lennox, Mereba, Tiana Major9 and more.
1,177 Hypes

FENTY's First "10-20" Drop Stars Statement-Making Sunglasses
Fashion

FENTY's First "10-20" Drop Stars Statement-Making Sunglasses

Rihanna delivers dramatic cat-eye and shield styles.
1,055 Hypes

11 Fall Boots to Add to Your Seasonal Rotation
Footwear 

11 Fall Boots to Add to Your Seasonal Rotation

Picks from Bottega Veneta, Prada, Maison Margiela, Eytys and more.
14,062 Hypes

Disney+ Announces 'Sneakerella,' a 'Cinderella' Remake for Sneakerheads
Film & TV

Disney+ Announces 'Sneakerella,' a 'Cinderella' Remake for Sneakerheads

Swapping a glass slipper with an Air Force 1.
2,304 Hypes

Gen-Z Underwear Brand Parade Introduces Joyful "Birthday" Collection
Fashion

Gen-Z Underwear Brand Parade Introduces Joyful "Birthday" Collection

To celebrate its one-year anniversary.
18,145 Hypes

Lily Allen Talks Masturbation and Sex Positivity in New Womanizer Campaign
Health

Lily Allen Talks Masturbation and Sex Positivity in New Womanizer Campaign

Releasing a limited-edition toy dubbed Liberty.
1,635 Hypes

More ▾