Streaming Service Quibi To Shut Down After Failing to Secure a Buyer
By Cooper Dowd, Staff Writer
Only six months out from launch, founder Jeffrey Katzenberg, and CEO Meg Whitman plan to abandon the struggling streaming service, Quibi, after a failed attempt to find a buyer.
The short-form streaming service, optimized for phones, had attracted many high-profile Hollywood names and looked to revolutionize streaming media consumption with a short 5-10 minute chapter format. However, Quibi struggled to gain traction.
Katzenberg decided to cut his losses and shut down the fledgling platform at the suggestion of a restructuring firm.
Despite the shaky launch during quarantine, Katzenberg said in June: “I’m still quite optimistic this is gonna work.”
In 2018, Quibi had already raised $1 billion in funding from initial investors including Disney, NBCUniversal, Sony Pictures Entertainment, Viacom (now ViacomCBS), AT&T’s WarnerMedia, Lionsgate, MGM, ITV and Entertainment One.
In an interview with the New York Times, Katzenberg said, “I attribute everything that has gone wrong to coronavirus. Everything. But we own it.”
Although Katzenberg points to the pandemic as the reason for Quibi’s failure, Movieguide® believes the service’s lack of family-friendly content contributed.
The majority of Quibi’s content is far from faith- or family-friendly. Many of the shows feature gratuitous language, sex, violence, and self-destructive content.
Movieguide® previously reported:
Movieguide® has spent more than four decades proving that programs with more faith- and family-friendly content actually outperform their excessive counterparts. Time and again, box office reports indicate that including faith and family content in movies guarantees financial success.
Quibi could have seen a stronger response had they followed this formula.