Quibi Is Shutting Down After Six Months - IGN - IGN

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Quibi co-founders Jeffrey Katzenberg and Meg Whitman have issued an official statement and apology regarding the closure of the short-lived service.As for the existing properties owned by Quibi, they mentioned that “over the coming months we will be working hard to find buyers for these valuable assets who can leverage them to their full potential.”

Original story follows.

After its launch just six months ago, bite-sized entertainment streaming service Quibi is shutting down. This follows news that Quibi was exploring a potential buyout or merger last month after raising nearly $2B in initial capital.

As reported by The Wall Street Journal, Quibi is set to shutter the service according to a recent call to investors with co-founder Jeffrey Katzenberg. He and his counterpart Meg Whitman launched the service in April with hopes that it would become “the third generation of film narrative,” according to an interview with the Los Angeles Times.

Quibi's Movie and TV Shows Reviewed

Unfortunately, Quibi never seemed to take off like many expected it would. Initially, the app was downloaded by about 4.5M users with 1.6M subscribing to the service. However, over 90% of those subscribers left after their free 90-day trial.

At launch, many users complained that its programming was only available to watch on mobile devices. Quibi begrudgingly reversed its original vision and made content available on TVs and other formats a few months later.

Quibi was expected to launch 175 original programs in its first year, with just over half of those already available on the service.

While the idea of watching 5-10 minute chapters of movies or series sounds great on paper, the unfortunate timing of its launch as the coronavirus (COVID-19) pandemic began spreading rapidly clearly had an impact on a service that was designed to thrive while people are on-the-go.

Are you still using Quibi? We’ve rounded up the best shows to watch (and those you can skip). You can also check out our initial review of the service. Matthew Adler is a Features, News, Previews, and Reviews writer for IGN. You can follow him on Twitter @MatthewAdler and watch him stream on Twitch.

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Quibi Is Shutting Down After Six Months - IGN - IGN
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