Quibi has become the first causality of the streaming wars. The short-form streaming service founded by Jeffrey Katzenberg with a mammoth $2 billion investment is shutting down its operations after only seven months of operation.
The streaming service will wind down its operations, which the company said Wednesday will take place over the next few months. The company will continue working to find a buyer or buyers for its technology assets and content — which it tried to distinguish from competitors by presenting in short 10-minute episodes delivered primarily over mobile devices.
“Quibi was founded to create the next generation of storytelling,” Katzenberg said in a statement. “We have assembled a world-class creative and engineering team that has created an original platform fueled by groundbreaking technology and IP, enabling consumers to view premium content in a whole new way. The world has changed dramatically since Quibi launched and our standalone business model is no longer viable.
The streaming service will wind down its operations, which the company said Wednesday will take place over the next few months. The company will continue working to find a buyer or buyers for its technology assets and content — which it tried to distinguish from competitors by presenting in short 10-minute episodes delivered primarily over mobile devices.
“Quibi was founded to create the next generation of storytelling,” Katzenberg said in a statement. “We have assembled a world-class creative and engineering team that has created an original platform fueled by groundbreaking technology and IP, enabling consumers to view premium content in a whole new way. The world has changed dramatically since Quibi launched and our standalone business model is no longer viable.
- 10/21/2020
- by Tim Baysinger
- The Wrap
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