Quibi, the little streaming platform that exists, seems to have reached the end of its tether. After recently exploring their options going forward following an underwhelming performance since launch, founder Jeffrey Katzenberg and CEO Meg Whitman have decided to shut the service down.
A disappointing performance from the platform prompted Katzenberg and Whitman to enlist the aid of a restructuring firm to decide what was best for the company. Among other options like selling Quibi altogether, this week saw them suggest the idea of simply shutting down, a choice the down-on-its-luck platform ultimately chose.
The unconventional mobile-focused streamer never quite reached the potential it envisioned for itself following its April 2020 launch. Aiming to be a revolutionary new form of the binging platforms already saturating the market, Quibi’s gimmick revolved around bite-sized 5 to 10 minute portions of its shows that viewers could enjoy on the go. Unfortunately, the COVID-19 pandemic, which was already in full swing before Quibi even launched, effectively kneecapped the idea when it forced (or at least encouraged) large numbers of people to stay home.
Quibi seemed to have a strong future during its startup stage, gaining advertisers and revenue from companies like PepsiCo, Walmart, and even Walt Disney Co. Clearly many high profile advertisers had high hopes for the new service, and it’s actually not difficult to see why. Earlier on, Katzenberg was perhaps best known for quickly going on to produce hits like Shrek and The Road to El Dorado for Dreamworks after resigning from a largely lucrative run at Disney. Since his time at Disney saw the release of films like Aladdin and The Lion King, it’s only natural that many would flock to a company founded by a man with such a brilliant resume.
It’s a bit tragic, looking back. Katzenberg left Disney on less than ideal terms, and Shrek is still seen by many as his spiteful response to his former employer. So securing a substantial investment like that from Disney must have felt like a special sort of vindication. Now that Quibi’s model has proven to be ill-fitting in a new world of unwilling hermits, Disney may see that investment as a waste, as well as a poorly-judged decision to support a former rival.
Whatever the future holds for Quibi’s former staff, it has undeniably been a fascinating story to watch. While it never exactly caught on, to say the least, innovation like this doesn’t often come around, and it’s worth commending Katzenberg, Whitman, and everyone else involved for being willing to take such a risk on a new idea. Here’s hoping the people at Quibi land on their feet, whatever happens next.
Source: Wall Street Journal
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