Video app Quibi shuts down after 6-months of release

Andrew Cummings
October 25, 2020

Katzenberg, in an announcement yesterday, admitted that "our standalone enterprise mannequin is not viable" whereas additionally saying "the world has modified dramatically since Quibi launched" on April 6 - revealing that he nonetheless finally blames the COVID pandemic for his brainchild's failure to take off. "But in the end we did not get the acceptance of consumers and customers in a way in which we had to in order for this to be a successful business".

Speaking about the decision to shut down Quibi, co-founder Jeffrey Katzenberg said this week: "There was no question that keeping us going was not going to have a different outcome, it was just going to spend a whole lot more money without any value to show for it". Now, it looks like the service will be down before the year is over as the company announced the service will go dark on or around December 1.

Katzenberg is a seasoned Hollywood exec, who put Disney's animation studio back on the map in the 1980s and 1990s, and cofounded and led DreamWorks to classics like "Shrek" and "Kung Fu Panda".

It remains unclear where Quibi's contents will be shown after the application is closed.

In an open letter to the company's employee, Quibi said, "it has considered and exhausted every option available".

You will also receive special offers from our partners. Even with so many powerful investors, they could not deliver on the promise they thought they could. Which also includes the content so far and the underlying technology platform of the app.

Quibi's executives are now working on ways to shut down the company without an accident and repay investors. The declaration comes one day after organization heads proclaimed Quibi was closing down for good.

Currently, the executive is still banking on Quibi's content slate to help it save some face.

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