The short-form video service led by Katzenberg and Meg Whitman has called a meeting with senior management Wednesday night, an individual outside the company told TheWrap. Roku has acquired the rights to original content from Quibi, the mobile-video app that shut down last year after only 6 months. Shortly after Quibi's launch, there were already signs that it had failed to sign up subscribers for its $4.99-per-month streaming service as it fell in Apple and Google's app store rankings of popular apps. Got a confidential news tip? The leaders acknowledged that Quibi's doom was probably sealed by some combination of its timing in the coronavirus pandemic and a flawed premise that a service like Quibi could ever thrive as a standalone business, but they were contrite about their failure. In their statement Wednesday, Katzenberg blamed the timing of Quibi's launch and the possibility their idea wasn't viable enough for the company's failure. "While we have enough capital to continue operating for a significant period of time, we made the difficult decision to wind down the business, return cash to our shareholders, and say goodbye to our talented colleagues with grace," Whitman said in a press release. But Quibi launched just weeks after the coronavirus pandemic hit the U.S., and reviewers panned it for not having an option to watch on televisions. Quibi, the short video streaming service launched with great fanfare in April, may have to shut down if a buyer isn't found, specialty news site The Information reported Tuesday. JUST WATCHED After its launch just six months ago, bite-sized entertainment streaming service Quibi is shutting down. The company said in its announcement that it's making a proactive decision to preserve shareholder equity, and will return the remaining funds to investors. The company hoped its unconventional approach -- very expensive, star-packed programming released in 10-minute-or-less episodes that you can watch only on phones or mobile devices -- would find a sweet spot in a streaming landscape crowded with Netflix, Disney Plus, Apple TV Plus, Peacock and HBO Max. According to people familiar with the matter, Quibi originally projected it would have more than 7 million subscribers after its first year, but it only had about 500,000 subscribers as of a few weeks ago. 4 min read Quibi, the big bucks short-form streaming service that launched in April, will shut down after just seven months of operation, according to a … Streaming service Quibi is shutting down. The startup, led … The service launched in April 2020 and lasted just over six months before shuttering. The app was originally pitched to appeal to a younger demographic eager to watch short videos while on the go. --CNBC's Alex Sherman contributed to this report. Comment. According to Deadline, Quibi founder Jeffrey Katzenberg called investors on the afternoon of October 21 to let them know that the service is being shut down.. Why? The short-form video service led by Katzenberg and Meg Whitman has called a meeting with senior management Wednesday night, an individual outside the company told TheWrap. Quibi's initial design didn't allow for easy sharing on social networks, stunting virality and word of mouth. Quibi, the mobile streaming service launched with nearly $2 billion in capital by Jeffrey Katzenberg and Meg Whitman, is shutting down. Quibi, the mobile streaming service founded by Jeffrey Katzenberg and Meg Whitman, will shut down after six months on the market. Quibi Has Officially Shut Down. Dade Hayes, Jill Goldsmith and Dominic Patten. The Quibi experiment is officially coming to an end. The Wall Street Journal reported in May that hedge fund Elliott Management financed Eko's lawsuit. That day has arrived, and Quibi is dead. Ryan Scott — December 2, 2020; 0. Quibi will shut down 'on or about' December 1st Yesterday the minds behind the mobile-first premium video service Quibi announced plans to shut down after about six months of operating. Featuring so-called "quick bites" of content, hence the name Quibi … New York (CNN Business) Much like its content, Quibi didn't last very long. We appreciate the support we have received from our customers and want to thank you for giving us an opportunity to entertain you.”. This follows news that Quibi was exploring a potential buyout or … Quibi shut down: More information is expected to be released (Image: GETTY) Some of the releases have included Dummy, which starred Anna Kendrick and was created by Cody Heller. Short-form and short-lived streaming service Quibi has officially ceased operations. Short-form and short-lived streaming service Quibi has officially ceased operations. Ice Cream Man TV Series Still in Development Despite Quibi Shut Down Everything Coming to Netflix, Disney+, HBO Max, Hulu & Amazon Prime Video … Quibi officially shut down on Tuesday, according to a report in Variety, marking the end for the short-lived subscription service.. ALL RIGHTS RESERVED. On Tuesday, The Information reported that Katzenberg attempted to sell Quibi's catalog of content to Facebook and NBCUniversal in an effort to avoid a bigger loss for the company's investors. According to people familiar with the matter, Quibi had difficulty selling itself to a larger company because it only owned its content for two years, meaning any potential buyer would just be purchasing Quibi's technology. After two years elapsed, Quibi could keep streaming that programming on its service, but the creator could distribute the show elsewhere, under nearly any terms. A week before that, Quibi was supposed to debut a new show from the Russo Brothers, known for directing Marvel blockbusters including Avengers: Endgame, the highest grossing movie ever. All Rights Reserved. Nearly all of Quibi’s shows were terrible. Quibi Streaming Service to Shut Down. Source: CNBC Quibi, the short-form entertainment service for mobile devices, announced on Wednesday that it will shut down, just over six months after its service launched… Quibi To Shut Down, Ending $2B Streaming Experiment – Update. TONYA MOSLEY, HOST: The streaming service Quibi, a high-profile project filled with original shows divided into quick-bite episodes of 10 minutes … The company announced in October it would shut down “about” December 1st, but didn’t offer a concrete date for winding down its operations. Quibi Streaming Service to Shut Down. Since then, reports surfaced that Katzenberg and Whitten were seeking additional funding to keep Quibi afloat as subscriber numbers failed to meet expectations. Quibi, the mobile streaming service launched with nearly $2 billion in capital by Jeffrey Katzenberg and Meg Whitman, is shutting down. It was on April 6, 2020, when the organisation was launched and now it is going to shut down. Quibi launched in the US and Canada in April as a service designed for watching on the go -- just as swaths of North America were locking down because of the COVID pandemic. By Jose Duran Oct 21, 2020. While it seems even Quibi isn't 100% certain yet, they've at least now given users a rough idea of when they expect the plug to be pulled: early December. As we reported yesterday, Quibi is shutting down.Yup, the short-form mobile streaming service that was launched just six months ago, is closing up shop. After the shutdown announcement, other news about the streamer had been largely quiet—except for when Quibi somewhat inexplicably trended on Twitter on Monday. The company employed around 200 people, each of whom will lose their jobs and be paid severance. Less than seven months after launching, the high-flying streaming service Quibi has shut down. Shutdown date. Quibi, the shortform video service focused on mobile devices, is officially shutting down. Though the company has enough money to keep operating for a "significant period of time," it's opting instead to make an exit "with grace," CEO Meg Whitman said in a press release. Quibi, the short-form video app founded by Hollywood mogul Jeffrey Katzenberg, is calling it quits after just six months. Founded by Katzenberg, who was head of Disney's movie division in the '80s and '90s and co-founded DreamWorks Animation, Quibi raised $1.75 billion from investors including every major Hollywood studio. Discussion threads can be closed at any time at our discretion. However, no later than the first of the month Quibi has shut up shop. Quibi, a short form video app that launched this spring, is done after less than a year. "Unfortunately, we will never know but we suspect it's been a combination of the two. The app features short-form news and entertainment videos (or "quick bites") running 10 minutes or less in length. It was audacious ambition, but the company had a huge war chest, big-name leadership and an eye-popping bill of talent involved. 2021-01-08T14:41:15Z The letter F. An envelope. "Our failure was not for lack of trying; we've considered and exhausted every option available to us.". © 2021 CNBC LLC. Quibi, the short-form entertainment service for mobile devices, announced on Wednesday that it will shut down, just over six months after its service launched. "All that is left now is to offer a profound apology for disappointing you and, ultimately, for letting you down," Whitman and Katzenberg wrote in the letter. The fates of Quibi's shows is unclear, whether they were created by Hollywood heavyweights or not. Wednesday, a spokeswoman again declined to characterize how long the service will be available. Dade Hayes, Jill Goldsmith and Dominic Patten. We want to hear from you. We delete comments that violate our policy, which we encourage you to read. Update 2: October 23, 2020 – Quibi has revealed that the service will shut down “on or about December 1”. Quibi -- a star-studded, mostly mobile streaming service that struggled to keep up with its own hype -- will shut down, the company said Tuesday, a … In the official statement by Quibi, the streaming platform is reportedly selling its assets. RELATED: Quibi Calls It Quits as Streaming Service Prepares to Shut Down “Quibi has made the difficult decision to wind down. But when?If you're looking to blast through all 25 episodes of the Reno 911 revival series before Quibi calls its quits, how long do you actually have?. And of course, Quibi faced a Goliath in YouTube, the short-video specialist that's already drawing in more than 2 billion viewers every month. Wall Street Journal reports that a restructuring firm had been brought in to decide what should happen to Quibi … "We continue to believe that there is an attractive market for premium, short-form content. Share Share Tweet Email. In a … Quibi expects to shut down "on or about Dec. 1," according to a new post on the mobile video startup's customer service page. After a lackluster launch earlier in the year short-form streaming service Quibi is said to be shutting down and cutting its losses. 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