Quibi to Pull the Plug on Dec 1
Quibi announced Wednesday that it is going out of business and today told customers just when to expect the streaming service to shut down.
In a note on its website on Thursday, the company said that the app will stop working “on or around” Dec. 1. That means you have a little more than a month left of those “quick bites.”
The company also said that it is not clear if any of the app’s content will be available somewhere else: “At this time we do not know if the Quibi content will be available anywhere after our last day of service. We recommend following #Quibi on Twitter for any news regarding content.”
Also Read: Jeffrey Katzenberg Says It's 'Not Fair' to Blame Quibi's Downfall on COVID-19
Launched in April in the early weeks of pandemic shutdowns, the subscription service targeting teenagers and young adults never gained any traction for shows told in under-10-minute “quick bites” meant to be consumed on smartphones — despite the involvement of big stars like Kevin Hart, Anna Kendrick and Liam Hemsworth.
The company will continue working to find a buyer or buyers for its technology assets and content — which it tried to distinguish from competitors by presenting in short 10-minute episodes delivered primarily over mobile devices. A knowledgeable individual told TheWrap that Jeffrey Katzenberg has been trying to sell the content to other distributors in recent weeks, without success, largely because of the short-form serial format.
“The content has to be re-edited to be legitimate,” this individual said. “It’s designed to have 10-minute breaks for commercials.”
The service raised nearly $2 billion to serve teenagers and young adults with short-form entertainment, viewed primarily on their phones. But Quibi, which also had to launch amid the pandemic, never gained any traction with consumers — even those stuck at home during the pandemic seeking entertainment options. Instead, free apps like TikTok have taken off as the platform of choice for teens.
For much more on Quibi’s demise, including the factors that led to its downfall, click here.
Read original story Quibi to Pull the Plug on Dec 1 At TheWrap
