The cause was the pandemic, but also its economic model.
“The world has changed dramatically since the launch of Quibi and our economic model is no longer viable,” said in a statement the founder of the platform, who had managed films and series produced by names like Steven Spielberg and Jennifer Lopez.
“We had the idea of creating the new generation of narrative formats,” recalled Meg Whitman, the company’s general director, in an open letter.
“It is therefore with a deep heart that we announce today that we are going to reduce our activities and seek to sell content and technological assets,” he added.
The videos, with a maximum duration of 10 minutes, were conceived as ‘bites’ (Quibi is the contraction of ‘quick bites’) and intended to be seen during a trip, for example.
But containment measures have favored platforms more on all traditional screens and long formats.
Since September, rumors have circulated about Quibi’s problems in the American press. According to The Information, Jeffrey Katzenberg has already contacted an Apple vice president, Eddy Cue, a director at WarnerMedia, Jason Kilar, another at Facebook, Fidji Simo, and even NBCUniversal, to sell them the catalog. Always in vain, according to this publication.
Quibi had bet strongly, offering 50 programs since the first day and feature films paid up to $ 100,000 per minute, similar to the great Netflix productions.
The platform has accumulated more than a hundred original series and is present on millions of mobile phones, according to the statement.
But success is not on the horizon because of the “combination” of two reasons, according to Meg Whitman: “The idea was not solid enough to justify a continuous transmission service” and the “calendar”.