The streaming service raised $1.75 billion from investors like Walmart, PepsiCo, and Anheuser-Busch InBev ahead of its launch in April but failed to attract viewers. Opinions expressed by Forbes Contributors are their own.
A Quibi representative did not immediately respond to Business Insider's request for comment on the call.
The company had reportedly avoided reducing its staffing levels, though the app had fallen out of the top 1,000 apps on Sensor Tower's rankings.
DreamWorks co-founder Jeffrey Katzenberg has wrapped up the third-priciest home sale in California history, unloading his Beverly Hills compound in an off-market deal for $125 million.  In October 2018, NewTV was renamed Quibi.
 Unlike many streaming video platforms, Quibi's content was made specifically for mobile devices and could be viewed in either a traditional 16:9 horizontal aspect ratio, or a 9:16 vertical frame (with the user able to shift between them in the same video). , In early August, a free, ad-supported version of the service was released in Australia and New Zealand, and the price of the ad-free version was reduced.
Quibi says that this number is actually higher hovering around 3.5 million with about 1.3 million active users.
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In an interview with, , Katzenberg said, “I attribute everything that has gone wrong to coronavirus… Everything. All Rights Reserved, This is a BETA experience.  On May 3, 2020, Elliott Management announced that it would fund Eko's lawsuit in exchange for equity in the company.  Quibi filed a lawsuit against interactive video developer Eko on March 9, 2020, which sought a declaration that Quibi did not infringe on Eko's patented technology, as well as an order that Eko withdraw a complaint filed with Apple's App Store and unspecified monetary damages. The report stated Quibi had $200 million in funds available.  According to reports in The Wall Street Journal and Recode in September 2020, the platform was looking for a potential acquirer with other possibilities, such as raising more funds, or becoming a public company by backing into a shell corporation.
Katzenberg told investors on Wednesday that Quibi would return $350 million in capital rather than try to keep the company afloat, The Journal reported.
The company raised $1.75 billion from investors but failed to attract viewers.
A leading-edge research firm focused on digital transformation. Quibi gained massive amounts of attention after it secured $1.75 billion in funding from investors like Disney, WarnerMedia and the e-commerce company Alibaba.  Its series, #FreeRayshawn, won two Emmy Awards on September 20, 2020.  By late 2019, Quibi announced it had sold out its first-year advertising inventory, which amounted to $150 million.
On October 21, 2020, The Wall Street Journal reported that Quibi would be shutting down, citing people familiar with the matter.  The service targeted a younger demographic, with content delivered in 10-minute episodes called "quick bites" (with the name Quibi derived from "QUI-ck BI-tes"). It was founded in August 2018, in Los Angeles, as NewTV by Jeffrey Katzenberg and is led by Meg Whitman, its CEO. People familiar with the matter told The Journal that employees would be laid off and paid a severance.  Quibi also developed its own screenshotting function. But we own it.”.  Quibi pre-emptively filed its lawsuit, Quibi Holdings, LLC v. Interlude US, Inc. (d/b/a Eko), in the United States District Court for the Central District of California. Presently Quibi is very separate from the rest of the internet and social media, however they are planning to add features that will allow users to share content off the app on social media.
, By early June, it was reported that the company implemented voluntary executive pay cuts. In the interview, Katzenberg also cited the unfortunate timing of the launch during the pandemic as a contributing factor. According to the analytics firm Sensor Tower, by early May, the app was ranked 125th. the 50 most downloaded free iPhone apps in the United States.
BRAZIL - 2020/04/08: In this photo illustration the Quibi logo seen displayed on a smartphone with a ... [+] computer model of the COVID-19 coronavirus in the background. (Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images), Quibi isn’t doing so well and it’s founder, Jeffrey Katzenberg, blames the coronavirus. , In 2019, Quibi announced it would launch in April 2020 with two pricing tiers. 3 in the App Store" on its launch day.
When I'm not on stage, I am Comedy Editor for The Tusk, sit on the board of the Cinder Block Comedy Festival, and writing my next project. While Quibi’s team blames coronavirus on the app’s issues, the company has also been facing issues outside of their download volume.  That same month, it was reported that the service was on track for 2 million subscribers in its first year, far below its projected 7.4 million total. In the letter, Katzenberg and Whitman said that in the coming months they'd look for buyers for Quibi's original content and its underlying technology platform. Katzenberg acknowledged the performance was "not close to what we wanted," stating, "I attribute everything that has gone wrong to coronavirus"—a reference to the COVID-19 pandemic that was disrupting daily routines at the time of the launch.  Later, that same day, this news was confirmed by both Katzenberg and Whitman.
Eko filed its own separate but related countersuit, JBF Interlude 2009 Ltd - Israel v. Quibi Holdings, LLC, a day later on March 10, alleging that Quibi stole proprietary technology after Eko demoed it to Quibi's employees including Katzenberg.
", "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," Katzenberg and Whitman wrote.
 A feature was added to allow shows to be cast from phones onto TVs through AirPlay and Chromecast, with the screen orientation being set to landscape by default. While Quibi is having issues gaining subscribers, other entertainment apps such as TikTok and Netflix have been flourishing while users look for content to stream at home. Unlike many streaming video platforms, Quibi's content is made specifically for mobile devices and can be viewed in either horizontal or vertical video, with the user able to shift between them in the same video. Quibi spent over $1 billion on commissioning original content in its first year, totalling 8,500 short-form episodes and including over 175 shows.. On July 8, 2019, BBC Studios announced it had invested in Quibi. Your morning cheat sheet to get you caught up on what you need to know in tech.
Quibi isn’t doing so well and it’s founder, Jeffrey Katzenberg, blames the coronavirus. Even though the streaming service based app has shows staring top talent, each episode on the app is only about 7-10 minutes and optimized for phones.  The announcement of the shutdown left the fate of existing, upcoming, and planned original programing in question, as Quibi does not own the rights to any of their programming, since their deals with the creators of their original programming allowed them to retain the copyright to their content and distribute it in traditional forms after a few years. I am passionate about writing about feminism and comedy as well as how women, LBGTQ people, and minorities are changing the face of comedy and entertainment.
, Quibi launched on April 6, 2020. Here Are the Famous People Making Shows for It", "Quibi Has Already Booked $100 Million in Ad Sales, Jeffrey Katzenberg and Meg Whitman Say", "Mobile-only: Quibi will be exclusively mobile, dropping early plans for TV apps", "How Quibi Overcame a Rocky Start to Dominate Emmy Nominations in Short-Form Categories", https://en.wikipedia.org/w/index.php?title=Quibi&oldid=984869411, Creative Commons Attribution-ShareAlike License, This page was last edited on 22 October 2020, at 16:06.
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