Quibi to shut down seven months after its launch

As officially reported by The Wall Street Journal and other specialized websites, Quibi, SVOD OTT focused on short content for mobile devices, officially launched this year, is considering shutting down seven months after it was officially introduced to the OTT market, last April. With this news, the platform will not be available in Latin America. 

In September, The Wall Street Journal reported that, according to sources close to Quibi, new alternatives were being evaluated for the platform, based on the poor results that it had recorded since its launch. In an interview with The New York Times, Jeffrey Katzenberg, Co-founder, attributed Quibi’s bad performance to the Coronavirus pandemic: ‘Is it the avalanche of people that we wanted and were going for out of launch? The answer is no. It is not up to what we wanted. It is not close to what we wanted’, he said, to later add: ‘I attribute everything that has gone wrong to Coronavirus’. In addition, although Quibi’s launch took place during the pandemic, the executive acknowledged that ‘If we knew on March 1st what we know today, you would say that is not a good idea’.

Quibi’s content catalog lasts at least 10 minutes and can be watched with the screen in portrait or landscape mode. The platform supported two subscriptions: one with advertisements, for USD 4.99 per month; and another without ads, for a USD 7.99 monthly value. Also, according to Variety, the SVOD OTT led by Jeffrey Katzenberg and Meg Whitman received investments close to USD 2 billion from companies such as Disney, NCBUniversal, Viacom, Sony Pictures Entertainment, WarnerMedia, Lionsgate, MGM, ITV and Entertainment One.