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”