Reno 911!, Most Dangerous Game, The Fugitive: Quibi Streaming Service Shutting Down

Short Form Video Service Quibi Shutting Down

Streaming service Quibi said on Wednesday it intends to wind down its operations and start a process to sell its assets, just six months after its launch.

Katzenberg, a former Disney executive who co-founded the studio DreamWorks SKG, made headlines while developing Quibi, reportedly raising nearly $2 billion with former HP CEO Meg Whitman onboard at Quibi as its CEO.

When Quibi launched earlier this year, it sounded kind of cool.

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Quibi is "winding down the business and looking to sell its content and technology assets", they say in the letter.

Every show, nicknamed a "Quibi", was no longer than 10 minutes and was created to be watched vertically on a smartphone - the same way we consume thousands of bite-size Facebook and Instagram videos.

"Quibi was founded to create the next generation of storytelling", founder and board Chairman Jeffrey Katzenberg said in the statement.

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That result was still an improvement over the roughly one million video customers lost in each of the previous two quarters. We added more than 350,000 fiber broadband customers and are on track to grow our fiber base by more than 25% this year.

Quibi offers entertainment and news in episodes of 10 minutes or less on mobile phones, initially promoted for on-the-go viewing. It's a disappointing end for the service that promised to revolutionize the way we consume content. Analysts believe the pandemic situation kept many potential Quibi-ers stuck at home instead of on-the-go, which made the mobile-optimized video less appealing.

It barely kicked up any dust in Australia, but in the U.S. the hype train was steaming: stars such as Steven Spielberg, Jennifer Lopez, Reese Witherspoon and Lebron James signed on to contribute to making "Quibis".

This image released by Quibi shows Tye Sheridan in a scene from "Wireless" which follows a college student navigating the snowy Colorado mountains.

Earlier today, The Wall Street Journal reported that Quibi had hired a restructuring firm to determine best path forward, one option, which was ultimately chosen was to shut down the company. One of the most successful new services, Disney Plus, has more than 60 million subscribers.

Apple TV launched late last year with a limited catalog but a low-cost subscription service, while NBCUniversal Peacock and HBO Max streaming television launched earlier this year.

Quibi also had to compete for younger viewers' time with millions of free - often user-generated - videos hosted by YouTube, TikTok, Facebook and Instagram.

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