According to The Wall Street Journal, Quibi will be the shortest-lived video streaming video service in the history of video streaming services.
This short video streaming service, Quibi, sits down in six months of operation, making it the shortest-lived video streaming service platform. The company confirmed the news in the Medium Post from the associates, Jeffrey Katzenberg and Meg Whitman.
Quibi founder Jeffrey Katzenberg: Very disappointed that we've disappointed our investors and our employees… I've got to get back up on that horse and go find the next mountain to charge up to.@CNBC @jboorstin @carlquintanilla @jonfortt #Quibi pic.twitter.com/57xgTX0I4W
— Squawk Alley (@SquawkAlley) October 22, 2020
The announcement by Katzenbverg included a statement that channelized towards the loss of every option favoring the enhancement of Quibi.
The company will significantly wind down the business, giving money back to the shareholders and letting the employees say goodbye gracefully from the company. Many factors are focusing on the downfall of Quibi.
What led to its downfall?
The first and foremost was the application’s launch during the global pandemic when everyone was locked inside the house.
The second factor includes a lack of any real breakout of exciting content that might tempt the users to make a video. The other would be infinite free short video platforms like YouTube, TikTok, and many more.
Quibi is pointing its loss because of being the only standalone streaming platform during the global pandemic.
The timing of the streaming platform’s launch was also stated as the primary reason for the downfall of Quibi by Jeffrey Katzenberg and Meg Whitman in an interview with CNBC.
— The Verge (@verge) October 22, 2020
Quibi will be announcing the last and final date to this short-video streaming platform’s current subscribers to access Quibi one last time.
It is not yet exposed to what will happen to the company’s expensive lineup. Previously, it talked to Apple, WarnerMedia, and Facebook to use short films’ underlying content and acquire the beleaguered streaming company, but this did not bring any success.
Even after the failure of Katzenberg’s effort, Quibi tried to make efforts towards Facebook and NBC Universal to at least use the short content telecasted on the application.
But this even didn’t work. Now, it will attempt to sell its content and its underlying technology in the coming months.
Quibi, which was launched on April 6th,2020, was available with two membership package, $4.99 per month with ad and $ 7.99 per month without ad.
The company sought to provide diligent and characteristic streaming quality to the users by allowing the video to be played in both portrait and landscape mode to be viewed in any orientation and on any device.
Image courtesy of IgorGolovniov/Shutterstock