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Quibi announced Wednesday that it is going out of business and today told customers just when to expect the streaming service to shut down. Quibi Holdings LLC is shutting down a mere six months after launching its streaming service, a crash landing for a once highly touted startup that … Avery Hartmans. A Division of NBCUniversal. After its launch just six months ago, bite-sized entertainment streaming service Quibi is shutting down. According to people familiar with the matter, Quibi originally projected it would have more than 7 million subscribers after its first year, but it only had about 500,000 subscribers as of a few weeks ago. After raising nearly $2 billion in funding and promising to reinvent the way people consume entertainment programming, Quibi is shutting down. In the official statement by Quibi, the streaming platform is reportedly selling its assets. Discuss: Quibi is shutting down, a flameout less than 7 months after launch. Ryan Scott — December 2, 2020; The service launched in April 2020 and lasted just over six months before shuttering. "Unfortunately, we will never know but we suspect it's been a combination of the two. That's the word coming down from insiders close to the events unfolding at Quibi Holdings LLC ground zero, spreading across the internet like wildfire as of Wednesday, … Under creator-friendly deals, many of its shows were made on Quibi's dime, and then Quibi licensed the programming for a two-year exclusive period. According to Deadline, Quibi founder Jeffrey Katzenberg called investors on the afternoon of October 21 to let them know that the service is being shut down.. Share Share Tweet Email. Quibi, the big bucks short-form streaming service that launched in April, will shut down after just seven months of operation, according to a report in the Wall Street Journal.. Wall Street Journal reports that a restructuring firm had been brought in to decide what should happen to Quibi … Quibi To Shut Down, Ending $2B Streaming Experiment – Update. Quibi, the struggling short-form streaming company founded by Jeffrey Katzenberg, is set to shut down just seven months after its launch, TheWrap has learned. Quibi Calls It Quits as Streaming Service Prepares to Shut Down. Quibi's talent roster is a who's who of Hollywood, including Chrissy Teigen, Lebron James, Dwayne Johnson, Reese Witherspoon, Chance the Rapper, Kevin Hart, Jennifer Lopez, Idris Elba, Zac Efron, Tina Fey, Liam Hemsworth and husband-and-wife combo Joe Jonas and Sophie Turner (but on different shows), along with innumerable others. 2021-01-08T14:41:15Z The letter F. An envelope. But Quibi's technology came with its own baggage. Quibi, the struggling short-form streaming company founded by Jeffrey Katzenberg, is set to shut down just seven months after its launch, TheWrap has learned. The company employed around 200 people, each of whom will lose their jobs and be paid severance. We appreciate the support we have received from our customers and want to thank you for giving us an opportunity to entertain you.”. Less than seven months after launching, the high-flying streaming service Quibi has shut down. Streaming service Quibi, featuring original shows with episodes of 10 minutes or less, will shut down 6 months after it launched. Quibi -- a star-studded, mostly mobile streaming service that struggled to keep up with its own hype -- will shut down, the company said Tuesday, a … Dade Hayes, Jill Goldsmith and Dominic Patten. Read full article. As we reported yesterday, Quibi is shutting down.Yup, the short-form mobile streaming service that was launched just six months ago, is closing up shop. "All that is left now is to offer a profound apology for disappointing you and, ultimately, for letting you down," Katzenberg and Whitman said. The app was originally pitched to appeal to a younger demographic eager to watch short videos while on the go. We anticipate that the service will end streaming on or about December 1, 2020. The unconventional Quibi launched in April as a $5, mobile first, short-form video service that featured big budget, megastar shows. Dade Hayes, Jill Goldsmith and Dominic Patten. Short-form video app Quibi is shutting down after just six months. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Featuring so-called "quick bites" of content, hence the name Quibi … "Quibi was a big idea, and there was no one who wanted to make a success of it more than we did," Whitman and founder Jeffrey Katzenberg said in a joint open letter. The Quibi experiment is officially coming to an end. Meanwhile, established streaming services like Disney+ and Netflix saw their subscribers spike. The company said in its announcement that it's making a proactive decision to preserve shareholder equity, and will return the remaining funds to investors. Get the latest tech stories with CNET Daily News every weekday. Less than seven months after Jeffrey Katzenberg and Meg Whitman launched Quibi to remake the business of short-form video, the nascent streaming service is shutting down… However long it takes for content creators to regain the rights to distribute these shows and so-called "movies in chapters," it's likely this programming will be scattered to the wind, with some programs potentially popping up elsewhere for viewers to watch and some disappearing into the ether. By Jose Duran Oct 21, 2020. According to the service’s FAQ site, Quibi will shut down today, December 1, just eight months after … UPDATED: Quibi, the struggling short-form mobile video startup led by founder Jeffrey Katzenberg and CEO Meg Whitman, is shutting down just six … Quibi is shutting down — we know that much for sure.. It was audacious ambition, but the company had a huge war chest, big-name leadership and an eye-popping bill of talent involved. Read full article. Its timing was one of several misfortunes and flawed strategies that kept the service from reaching its ambitious growth goals. Quibi had already scheduled new programming to premiere next month: The second season of prank show Punk'd, its most popular title at launch, was set to come out Nov. 16. Updated 6:48 PM ET, Wed October 21, 2020 . The short-form video service led by Katzenberg and Meg Whitman has called a meeting with senior management Wednesday night, an individual outside the company told TheWrap. 0. "While we have enough capital to continue operating for a significant period of time, we made the difficult decision to wind down the business, return cash to our shareholders, and say goodbye to our talented colleagues with grace," Whitman said in a press release. Short-form and short-lived streaming service Quibi has officially ceased operations. The company expects to return $350 million to investors. There’s no word on what will happen to the service’s content after that date. Just six months after launching, Quibi, the short-form entertainment service for mobile devices, is shutting down. Quibi alerted its investors and employees of the news Wednesday afternoon. It also lured in big-name filmmakers like Steven Spielberg, Guillermo del Toro, Antoine Fuqua, Catherine Hardwicke and Ridley Scott to make series. Disclosure: NBCUniversal is the parent company of CNBC. In a … But how much longer do subscribers have before the streaming service goes dark? No one could possibly have seen this turn of events, except, you know, everyone who wasn't involved in the creation of Quibi itself. Quibi, the mobile streaming service launched with nearly $2 billion in capital by Jeffrey Katzenberg and Meg Whitman, is shutting down. This follows news that Quibi was exploring a potential buyout or … Quibi doesn't own the programming on its service, according to reports. That day has arrived, and Quibi is dead. In October, Quibi announced that its board had decided to shut down the company, less than seven months after its April 6 debut. Katzenberg, who ran Disney from 1984 to 1994 and also co-founded Dreamworks Pictures, and Whitman launched the app in April 2020, right at the beginning of the coronavirus pandemic. Short-form streamer Quibi is shutting down after initially failing to hit its subscriber goals and then being unable to find a buyer. It was on April 6, 2020, when the organisation was launched and now it is going to shut down. Quibi is no more. It failed. Sign up for free newsletters and get more CNBC delivered to your inbox. Investors in Quibi included legacy media companies like Disney, Comcast's NBCUniversal, and AT&T's WarnerMedia. Update 2: October 23, 2020 – Quibi has revealed that the service will shut down “on or about December 1”. Discussion threads can be closed at any time at our discretion. All Rights Reserved. While it seems even Quibi isn't 100% certain yet, they've at least now given users a rough idea of when they expect the plug to be pulled: early December. Analysts say shows … Update 2: 2020/10/29 11:37am PDT by Corbin Davenport. It's unclear if the two-year exclusive period for Quibi would still be enforceable once Quibi shuts down. Quibi -- a star-studded, mostly mobile streaming service that struggled to keep up with its own hype -- will shut down, the company said Tuesday, a flameout coming less than seven months after the service launched. By Frank Pallotta and Clare Duffy, CNN Business. Streaming service Quibi is shutting down. Founded by Katzenberg, who was head of Disney's movie division in the '80s and '90s and co-founded DreamWorks Animation, Quibi raised $1.75 billion from investors including every major Hollywood studio. "We continue to believe that there is an attractive market for premium, short-form content. The platform specialised in short video contents that are nearly five to 10-minute-long episodes. --CNBC's Alex Sherman contributed to this report. Quibi to Shut Down Six Months After Launch. The fates of Quibi's shows is unclear, whether they were created by Hollywood heavyweights or not. Quibi, the shortform video service focused on mobile devices, is officially shutting down. After a short and costly run in the streaming marketplace, Quibi has shut down and the app is no longer available. Got a confidential news tip? 4 min read Quibi, the big bucks short-form streaming service that launched in April, will shut down after just seven months of operation, according to a … Quibi Streaming Service to Shut Down. Quibi, the mobile streaming service founded by Jeffrey Katzenberg and Meg Whitman, will shut down after six months on the market. After a lackluster launch earlier in the year short-form streaming service Quibi is said to be shutting down and cutting its losses. After the shutdown announcement, other news about the streamer had been largely quiet—except for when Quibi somewhat inexplicably trended on Twitter on Monday. Get this delivered to your inbox, and more info about our products and services. Gone in a Quibi. While both the companies did not disclose financial terms of the acquisition, The Wall Street Journal reported that Roku paid “significantly less” than $100 million to acquire Quibi’s shows. Roku has acquired the rights to original content from Quibi, the mobile-video app that shut down last year after only 6 months. Quibi is shutting down, a flameout less than 7 months after launch. Wednesday, a spokeswoman again declined to characterize how long the service will be available. Shutdown date. And it was hit with a lawsuit from interactive-video company Eko, which claimed Quibi's rotating-screen technology was a rip-off of its own. Quibi launched in the US and Canada in April as a service designed for watching on the go -- just as swaths of North America were locking down because of the COVID pandemic. The app features short-form news and entertainment videos (or "quick bites") running 10 minutes or less in length. Quibi expects to shut down "on or about Dec. 1," according to a new post on the mobile video startup's customer service page. There’s no word on what will happen to the service’s content after that date. The company faced a lawsuit from the interactive video company Eko, which claimed Quibi violated Eko's patents for mobile video technology. Why? The short-form video service led by Katzenberg and Meg Whitman has called a meeting with senior management Wednesday night, an individual outside the company told TheWrap. But Quibi launched just weeks after the coronavirus pandemic hit the U.S., and reviewers panned it for not having an option to watch on televisions. On Tuesday, The Information reported that Katzenberg attempted to sell Quibi's catalog of content to Facebook and NBCUniversal in an effort to avoid a bigger loss for the company's investors. "Quibi is not succeeding. … Quibi's initial design didn't allow for easy sharing on social networks, stunting virality and word of mouth. The company, which was founded by Hollywood producer Jeffrey Katzenberg and led by CEO Meg Whitman, raised $1.75 billion ahead of its launch in April. Quibi, a short form video app that launched this spring, is done after less than a year. It’s the most obvious reason but also arguably the biggest. © 2021 CNET, A RED VENTURES COMPANY. © 2021 CNBC LLC. i Six months after ambitious launch, Quibi is shutting down Ending an ambitious, $2 billion move to push short-form content onto mobile devices, the much-buzzed web-based platform Quibi reportedly is shutting down only half a year into its existence. The Wall Street Journal reported in May that hedge fund Elliott Management financed Eko's lawsuit. And of course, Quibi faced a Goliath in YouTube, the short-video specialist that's already drawing in more than 2 billion viewers every month. According to people familiar with the matter, Quibi had difficulty selling itself to a larger company because it only owned its content for two years, meaning any potential buyer would just be purchasing Quibi's technology. By Rebecca Iannucci / October 21 2020, 1:10 PM PDT Courtesy of Quibi. Quibi, the short video streaming service launched with great fanfare in April, may have to shut down if a buyer isn't found, specialty news site The Information reported Tuesday. Be respectful, keep it civil and stay on topic. Quibi, the short-form video streaming service founded by Jeffrey Katzenberg and Meg Whitman, will shut down. The company is shutting down after failing to find a buyer. Quibi officially shut down Tuesday. Quibi, the short-form video app founded by Hollywood mogul Jeffrey Katzenberg, is calling it quits after just six months. The company hoped its unconventional approach -- very expensive, star-packed programming released in 10-minute-or-less episodes that you can watch only on phones or mobile devices -- would find a sweet spot in a streaming landscape crowded with Netflix, Disney Plus, Apple TV Plus, Peacock and HBO Max. As we reported yesterday, Quibi is shutting down.Yup, the short-form mobile streaming service that was launched just six months ago, is closing up shop. Shortly after Quibi's launch, there were already signs that it had failed to sign up subscribers for its $4.99-per-month streaming service as it fell in Apple and Google's app store rankings of popular apps. Quibi Is Shutting Down. Quibi Has Officially Shut Down. "All that is left now is to offer a profound apology for disappointing you and, ultimately, for letting you down," Whitman and Katzenberg wrote in the letter. The company's mobile-only scheme also underestimated viewers' interest in watching on TVs. Quibi will shut down for good "on or around December 1st," according to a new blog posted on the company’s support site. The startup, led … Short-form and short-lived streaming service Quibi has officially ceased operations. Source: CNBC Quibi, the short-form entertainment service for mobile devices, announced on Wednesday that it will shut down, just over six months after its service launched… Though the company has enough money to keep operating for a "significant period of time," it's opting instead to make an exit "with grace," CEO Meg Whitman said in a press release. Why? "Our failure was not for lack of trying; we've considered and exhausted every option available to us.". Quibi, the Hollywood streaming service that shut down in December, sold the global distribution rights of its shows to Roku. Nearly all of Quibi’s shows were terrible. Ryan Scott — December 2, 2020; Update 2: October 23, 2020 – Quibi has revealed that the service will shut down “on or about December 1”. Quibi officially shut down on Tuesday, according to a report in Variety, marking the end for the short-lived subscription service.. RELATED: Quibi Calls It Quits as Streaming Service Prepares to Shut Down “Quibi has made the difficult decision to wind down. (Quibi rejected those allegations.). The message gives … While it seems even Quibi isn’t 100% certain yet, they’ve at least now given users a […] Quibi says it will shut down in early December Greg Kumparak @grg / 3 months Quibi Quibi, the big bucks short-form streaming service that launched in April, will shut down after just seven months of operation, according to a report in the Wall Street Journa l. Despite a sold-out advertising slate, deals with A-listers and a $1.75 billion war chest from high-profile investors the former Disney executive and founder Jeffrey Katzenberg couldn't make the short-form mobile video platform stick. We were not able to do so.". After raising nearly $2 billion in funding and promising to reinvent the way people consume entertainment programming, Quibi is shutting down. Comment. The company announced in October it would shut down “about” December 1st, but didn’t offer a concrete date for winding down its operations. The leaders acknowledged that Quibi's doom was probably sealed by some combination of its timing in the coronavirus pandemic and a flawed premise that a service like Quibi could ever thrive as a standalone business, but they were contrite about their failure. Quibi will shut down 'on or about' December 1st Yesterday the minds behind the mobile-first premium video service Quibi announced plans to shut down after about six months of operating. NPR discusses why it's the first big casualty of the streaming wars. Over the coming months we will be working hard to find buyers for these valuable assets who can leverage them to their full potential.". Quibi said subscribers will receive separate notifications about the final date they can watch the service, without specifying any timeline. We delete comments that violate our policy, which we encourage you to read. Video streaming platform Quibi is going to shut down. Ice Cream Man TV Series Still in Development Despite Quibi Shut Down Everything Coming to Netflix, Disney+, HBO Max, Hulu & Amazon Prime Video … Quibi, the mobile streaming service launched with nearly $2 billion in capital by Jeffrey Katzenberg and Meg Whitman, is shutting down. CEO Whitman is the former chief of eBay and Hewlett-Packard. Quibi, the big bucks short-form streaming service that launched in April, will shut down after just seven months of operation, according to a report in the Wall Street Journal.. Quibi, the short-form entertainment service for mobile devices, announced on Wednesday that it will shut down, just over six months after its service launched. Jeffrey Katzenberg and former eBay CEO Meg Whitman's Quibi has officially been shut down as of Tuesday, marking the demise of the short-lived app. Quibi, the short video streaming service launched with great fanfare in April, may have to shut down if a buyer isn't found, specialty news site The Information reported Tuesday. ALL RIGHTS RESERVED. Quibi Streaming Service to Shut Down. However, no later than the first of the month Quibi has shut up shop. TONYA MOSLEY, HOST: The streaming service Quibi, a high-profile project filled with original shows divided into quick-bite episodes of 10 minutes … We want to hear from you. A week before that, Quibi was supposed to debut a new show from the Russo Brothers, known for directing Marvel blockbusters including Avengers: Endgame, the highest grossing movie ever. The Jeffrey Katzenberg-created company announced in October that it would shut down in December, but did not mention a specific date. However, no later than the first of the month Quibi has shut up shop. Likely for one of two reasons: because the idea itself wasn't strong enough to justify a standalone streaming service or because of our timing," the said. It'll shop its assets around to see if anyone wants to buy them over the coming months, and then it'll return cash to its shareholders. Watch CNBC's interview with Quibi CEO Meg Whitman and founder Jeff Katzenberg, hedge fund Elliott Management financed Eko's lawsuit. But when?If you're looking to blast through all 25 episodes of the Reno 911 revival series before Quibi calls its quits, how long do you actually have?. Data is a real-time snapshot *Data is delayed at least 15 minutes. Since then, reports surfaced that Katzenberg and Whitten were seeking additional funding to keep Quibi afloat as subscriber numbers failed to meet expectations. Quibi To Shut Down, Ending $2B Streaming Experiment – Update. Streaming giant Roku Inc. on Friday announced that it has acquired the now-defunct short-form video streaming service Quibi’s library of content nearly three months after it was shut down.. Quibi, the short-form video app founded by Hollywood mogul Jeffrey Katzenberg, is calling it quits after just six months. Correction: This story has been updated to reflect Meg Whitman is the CEO of Quibi and not a founder. New York (CNN Business) Much like its content, Quibi didn't last very long. After a short and costly run in the streaming marketplace, Quibi has shut down and the app is no longer available. The company raised nearly $2 billion in funding, but failed to attract subscribers. reported on the plan to shut down, saying that Quibi had tried to sell itself. It attracted top Hollywood stars for its shows too, such as Chrissy Teigen and Idris Elba. 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