The brief streaming service Quibi announced on Wednesday that it will remove the plug on the platform to target smartphone users who desire to entertain on the go.
Hollywood magnate Jeffrey Katzenberg’s idea was launched in April, when the content was tailored for busy people, just when the pandemic forced them to slow down and stay home.
Katzenberg said in a press release: “Qubi was founded to create the next generation of storytelling.”
“Since Quibi was launched, the world has changed drastically and our independent business model is no longer feasible.”
According to reports, Katzenberg tried to sell the program catalog of startups to companies such as NBCUniversal and Facebook, but failed.
The startup said that the streaming service has more than 100 original series, covering various genres, with episodes specifically designed for viewing on smartphones, and each episode lasts no more than 10 minutes.
Katzenberg said: “We have assembled a world-class creative and engineering team. They have created an original platform driven by breakthrough technology and IP, enabling consumers to watch premium content in a whole new way.”
Quibi now plans to close the business and sell its assets.
The start-up platform has won 10 Emmy nominations, including the police cheating and reviving Reno 911! And the dystopian thriller “The Most Dangerous Game”, which includes two Emmy Awards for the actors in “#FreeRayshawn”.
This multi-billion-dollar streaming media platform is betting that it can change the way of entertainment with Hollywood-quality short films.
“Big Idea” Bankruptcy
From Steven Spielberg and Guillermo del Toro to Jennifer Lopez and Reese Witherspoon Legends and celebrities are all making movies and shows for young people who specialize in smartphones.
The Hollywood star is committed to working with Quibi, thanks to the towering figure Katzenberg of Tinseltown, who ran Disney Pictures for ten years and co-founded DreamWorks with others.
Quibi also hopes to enable users to come back through daily news, sports and entertainment programs.
Katzenberg and Kibby CEO Meg Whitman (Meg Whitman) said in a letter to their employees: “Kibby is a great idea. No one wants to succeed more than we do.”
“Our failure was not due to lack of attempts; we have considered and exhausted all available options.”
Quibi specializes in making short programs to watch in the spare time of the day, such as waiting for transit or taking a break from work, but people who wander at home due to the coronavirus pandemic have found the option of large screen time streaming TV in the increasingly competitive situation market.
In the second half of last year, the Disney+ report launched by Walt Disney Company stated that as of the end of June, the company had 57.5 million paying users.
It uses a large number of Disney animation classics as well as Pixar, Marvel and National Geographic movies, not to mention the hugely successful “Star Wars” series.
At the same time, Netflix has added 28.1 million paid subscribers so far this year, and this week reported that it now has slightly more than 195 million subscribers.
Netflix and rival Amazon Prime have invested billions of dollars in original content to win fans and stay loyal.
Apple TV was launched at the end of last year with a limited catalog, but the subscription service is inexpensive, while NBCUniversal Peacock and HBO Max streaming TV were launched early this year.
Quibi must also compete for the time of younger viewers with millions of free, usually user-generated videos hosted on YouTube, TikTok, Facebook and Instagram.
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