SHORT-VIDEO APP QUIBI SHUTTING DOWN JUST MONTHS AFTER LAUNCH
Techlife News|October 24, 2020
SHORT-VIDEO APP QUIBI SHUTTING DOWN JUST MONTHS AFTER LAUNCH
Short-video app Quibi said it is shutting down just six months after its early April launch, having struggled to find customers.

The company said that it would wind down its operations and plans to sell its assets. “Quibi is not succeeding,” its top executives bluntly declared in a letter posted online.

The video platform — designed for people who were out and about to watch on their phones — was one of a slew of new streaming services started to challenge Netflix over the past few years, most of which were part of much bigger tech and entertainment companies, like Apple and Disney.

Quibi, short for “quick bites,” raised $1.75 billion from investors including Hollywood players Disney, NBCUniversal and Viacom and its leadership were big names: entertainment industry heavyweight Jeffrey Katzenberg and former Hewlett-Packard CEO Meg Whitman.

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October 24, 2020