Quibi’s Quick Fall

    • The quick-format media platform wasn’t able to catch on despite raising $1.75 billion.
    • This article was first published in the FOS Daily Newsletter. Subscribe here.

Quibi’s founder Jeffrey Katzenberg reportedly told investors yesterday that the streaming service is shutting down. After launching in April, the quick-format media platform — which featured content starring high-powered celebrities like Anna Kendrick and Chrissy Teigen — wasn’t able to catch on despite raising $1.75 billion. 

Failing to garner adequate viewership early in its run, Quibi recently hired a restructuring firm to figure out its path forward. It even reportedly pitched NBCUniversal on a sale.

Prior to its launch, Quibi had more than $150 million in ad revenue, including from companies like Pepsi, Walmart and Anheuser-Busch. The conventional star power, quick format and $4.99 per month fee apparently didn’t click with the modern media consumer.

Quibi’s Sports Shows:

  • LeBron James-produced “I Promise” 
  • Megan Rapinoe-hosted “Prodigy”
  • Sneaker show “You Ain’t Got Those”
  • TSN’s “SportsCentre AM”
  • ESPN’s “The Replay”
  • Dance show “The Sauce”
  • WWE female superstars’ show “Fight Like A Girl”