It was on April 6, 2020, when the organisation was launched and now it is going to shut down. While it seems even Quibi isn't 100% certain yet, they've at least now given users a rough idea of when they expect the plug to be pulled: early December. The circumstances of launching during a pandemic is something we could have never imagined but other businesses have faced these unprecedented challenges and have found their way through it. Quibi Calls It Quits as Streaming Service Prepares to Shut Down. Quibi Has Officially Shut Down. We were not able to do so.". "All that is left now is to offer a profound apology for disappointing you and, ultimately, for letting you down," Whitman and Katzenberg wrote in the letter. The unconventional Quibi launched in April as a $5, mobile first, short-form video service that featured big budget, megastar shows. Quibi is shutting down — we know that much for sure.. The startup, led … Quibi expects to shut down "on or about Dec. 1," according to a new post on the mobile video startup's customer service page. The company said in its announcement that it's making a proactive decision to preserve shareholder equity, and will return the remaining funds to investors. Disclosure: NBCUniversal is the parent company of CNBC. © 2021 CNBC LLC. Quibi Holdings LLC is shutting down a mere six months after launching its streaming service, a crash landing for a once highly touted startup that … Why? It attracted top Hollywood stars for its shows too, such as Chrissy Teigen and Idris Elba. The company announced in October it would shut down “about” December 1st, but didn’t offer a concrete date for winding down its operations. Likely for one of two reasons: because the idea itself wasn't strong enough to justify a standalone streaming service or because of our timing," the said. As of the third quarter of 2020, Quibi reached 710,000 subscriber households, down from 1.1 million the prior quarter, according to estimates from research firm Kantar. Quibi, the mobile streaming service launched with nearly $2 billion in capital by Jeffrey Katzenberg and Meg Whitman, is shutting down. The company hoped its unconventional approach -- very expensive, star-packed programming released in 10-minute-or-less episodes that you can watch only on phones or mobile devices -- would find a sweet spot in a streaming landscape crowded with Netflix, Disney Plus, Apple TV Plus, Peacock and HBO Max. And of course, Quibi faced a Goliath in YouTube, the short-video specialist that's already drawing in more than 2 billion viewers every month. "We continue to believe that there is an attractive market for premium, short-form content. However long it takes for content creators to regain the rights to distribute these shows and so-called "movies in chapters," it's likely this programming will be scattered to the wind, with some programs potentially popping up elsewhere for viewers to watch and some disappearing into the ether. Quibi said subscribers will receive separate notifications about the final date they can watch the service, without specifying any timeline. reported on the plan to shut down, saying that Quibi had tried to sell itself. Quibi officially shut down Tuesday. Quibi, the Hollywood streaming service that shut down in December, sold the global distribution rights of its shows to Roku. Investors in Quibi included legacy media companies like Disney, Comcast's NBCUniversal, and AT&T's WarnerMedia. "Quibi was a big idea, and there was no one who wanted to make a success of it more than we did," Whitman and founder Jeffrey Katzenberg said in a joint open letter. "All that is left now is to offer a profound apology for disappointing you and, ultimately, for letting you down," Katzenberg and Whitman said. Dade Hayes, Jill Goldsmith and Dominic Patten. Ryan Scott — December 2, 2020; ALL RIGHTS RESERVED. However, no later than the first of the month Quibi has shut up shop. Quibi officially shut down on Tuesday, according to a report in Variety, marking the end for the short-lived subscription service.. Analysts say shows … CEO Whitman is the former chief of eBay and Hewlett-Packard. The fates of Quibi's shows is unclear, whether they were created by Hollywood heavyweights or not. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Just six months after launching, Quibi, the short-form entertainment service for mobile devices, is shutting down. Quibi's talent roster is a who's who of Hollywood, including Chrissy Teigen, Lebron James, Dwayne Johnson, Reese Witherspoon, Chance the Rapper, Kevin Hart, Jennifer Lopez, Idris Elba, Zac Efron, Tina Fey, Liam Hemsworth and husband-and-wife combo Joe Jonas and Sophie Turner (but on different shows), along with innumerable others. But how much longer do subscribers have before the streaming service goes dark? Short-form and short-lived streaming service Quibi has officially ceased operations. Quibi -- a star-studded, mostly mobile streaming service that struggled to keep up with its own hype -- will shut down, the company said Tuesday, a flameout coming less than seven months after the service launched. Roku has acquired the rights to original content from Quibi, the mobile-video app that shut down last year after only 6 months. TONYA MOSLEY, HOST: The streaming service Quibi, a high-profile project filled with original shows divided into quick-bite episodes of 10 minutes … Quibi, the shortform video service focused on mobile devices, is officially shutting down. Quibi will shut down 'on or about' December 1st Yesterday the minds behind the mobile-first premium video service Quibi announced plans to shut down after about six months of operating. The company raised nearly $2 billion in funding, but failed to attract subscribers. Quibi doesn't own the programming on its service, according to reports. We anticipate that the service will end streaming on or about December 1, 2020. i Six months after ambitious launch, Quibi is shutting down Ending an ambitious, $2 billion move to push short-form content onto mobile devices, the much-buzzed web-based platform Quibi reportedly is shutting down only half a year into its existence. Quibi Has Officially Shut Down. Jeffrey Katzenberg and former eBay CEO Meg Whitman's Quibi has officially been shut down as of Tuesday, marking the demise of the short-lived app. Why? While both the companies did not disclose financial terms of the acquisition, The Wall Street Journal reported that Roku paid “significantly less” than $100 million to acquire Quibi’s shows. Quibi is no more. Quibi, the struggling short-form streaming company founded by Jeffrey Katzenberg, is set to shut down just seven months after its launch, TheWrap has learned. After two years elapsed, Quibi could keep streaming that programming on its service, but the creator could distribute the show elsewhere, under nearly any terms. Share Share Tweet Email. Dade Hayes, Jill Goldsmith and Dominic Patten. But when?If you're looking to blast through all 25 episodes of the Reno 911 revival series before Quibi calls its quits, how long do you actually have?. The platform specialised in short video contents that are nearly five to 10-minute-long episodes. JUST WATCHED In a … Wall Street Journal reports that a restructuring firm had been brought in to decide what should happen to Quibi … Be respectful, keep it civil and stay on topic. Ice Cream Man TV Series Still in Development Despite Quibi Shut Down Everything Coming to Netflix, Disney+, HBO Max, Hulu & Amazon Prime Video … According to the service’s FAQ site, Quibi will shut down today, December 1, just eight months after … Nearly all of Quibi’s shows were terrible. Its timing was one of several misfortunes and flawed strategies that kept the service from reaching its ambitious growth goals. Less than seven months after Jeffrey Katzenberg and Meg Whitman launched Quibi to remake the business of short-form video, the nascent streaming service is shutting down… Quibi, the short-form video app founded by Hollywood mogul Jeffrey Katzenberg, is calling it quits after just six months. A Division of NBCUniversal. Comment. After a lackluster launch earlier in the year short-form streaming service Quibi is said to be shutting down and cutting its losses. It’s the most obvious reason but also arguably the biggest. The company faced a lawsuit from the interactive video company Eko, which claimed Quibi violated Eko's patents for mobile video technology. Read full article. Wednesday, a spokeswoman again declined to characterize how long the service will be available. But Quibi's technology came with its own baggage. Founded by Katzenberg, who was head of Disney's movie division in the '80s and '90s and co-founded DreamWorks Animation, Quibi raised $1.75 billion from investors including every major Hollywood studio. UPDATED: Quibi, the struggling short-form mobile video startup led by founder Jeffrey Katzenberg and CEO Meg Whitman, is shutting down just six … Streaming service Quibi, featuring original shows with episodes of 10 minutes or less, will shut down 6 months after it launched. Update 2: 2020/10/29 11:37am PDT by Corbin Davenport. Got a confidential news tip? Quibi to Shut Down Six Months After Launch. Quibi Streaming Service to Shut Down. Quibi, a short form video app that launched this spring, is done after less than a year. Correction: This story has been updated to reflect Meg Whitman is the CEO of Quibi and not a founder. The company, which was founded by Hollywood producer Jeffrey Katzenberg and led by CEO Meg Whitman, raised $1.75 billion ahead of its launch in April. After a short and costly run in the streaming marketplace, Quibi has shut down and the app is no longer available. The Quibi experiment is officially coming to an end. According to Deadline, Quibi founder Jeffrey Katzenberg called investors on the afternoon of October 21 to let them know that the service is being shut down.. Update 2: October 23, 2020 – Quibi has revealed that the service will shut down “on or about December 1”. However, no later than the first of the month Quibi has shut up shop. We want to hear from you. Short-form and short-lived streaming service Quibi has officially ceased operations. It'll shop its assets around to see if anyone wants to buy them over the coming months, and then it'll return cash to its shareholders. Quibi, the big bucks short-form streaming service that launched in April, will shut down after just seven months of operation, according to a report in the Wall Street Journal.. (Quibi rejected those allegations.). The short-form video service led by Katzenberg and Meg Whitman has called a meeting with senior management Wednesday night, an individual outside the company told TheWrap. After the shutdown announcement, other news about the streamer had been largely quiet—except for when Quibi somewhat inexplicably trended on Twitter on Monday. Quibi's initial design didn't allow for easy sharing on social networks, stunting virality and word of mouth. Discussion threads can be closed at any time at our discretion. As we reported yesterday, Quibi is shutting down.Yup, the short-form mobile streaming service that was launched just six months ago, is closing up shop. Quibi, the mobile streaming service founded by Jeffrey Katzenberg and Meg Whitman, will shut down after six months on the market. After its launch just six months ago, bite-sized entertainment streaming service Quibi is shutting down. Update 2: October 23, 2020 – Quibi has revealed that the service will shut down “on or about December 1”. Read full article. Quibi shut down: More information is expected to be released (Image: GETTY) Some of the releases have included Dummy, which starred Anna Kendrick and was created by Cody Heller. Source: CNBC Quibi, the short-form entertainment service for mobile devices, announced on Wednesday that it will shut down, just over six months after its service launched… Quibi -- a star-studded, mostly mobile streaming service that struggled to keep up with its own hype -- will shut down, the company said Tuesday, a … Quibi Is Shutting Down. According to people familiar with the matter, Quibi originally projected it would have more than 7 million subscribers after its first year, but it only had about 500,000 subscribers as of a few weeks ago. Short-form streamer Quibi is shutting down after initially failing to hit its subscriber goals and then being unable to find a buyer. Less than seven months after launching, the high-flying streaming service Quibi has shut down. After a short and costly run in the streaming marketplace, Quibi has shut down and the app is no longer available. Shutdown date. After raising nearly $2 billion in funding and promising to reinvent the way people consume entertainment programming, Quibi is shutting down. We delete comments that violate our policy, which we encourage you to read. Quibi Streaming Service to Shut Down. … --CNBC's Alex Sherman contributed to this report. All Rights Reserved. In October, Quibi announced that its board had decided to shut down the company, less than seven months after its April 6 debut. The Jeffrey Katzenberg-created company announced in October that it would shut down in December, but did not mention a specific date. The Quibi experiment is officially coming to an end. There’s no word on what will happen to the service’s content after that date. The company is shutting down after failing to find a buyer. 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