Video-streaming service Quibi reaches its end-of-life after six months of operation
Although some media-streaming services gained a lot in current coronavirus times, the same cannot be said for Quibi, a video streaming service that is now shutting down, several months after it launched in March.
Engadget reports that the service’s founders stated the idea behind Quibi might have not been strong enough. The video streaming service was available only on mobile devices. Quibi founders stated in an open letter that Quibi failed for either bad timing of the release of the product or a not-as-strong of an idea behind it.
As the coronavirus pandemic struck, most people were no longer commuting to work and therefore might have not been that interested in a mobile-only streaming service.
The founder Jeff Katzenberg and the CEO of Quibi, Meg Whitman, stated that they will wind down the business and return cash to shareholders. Additionally, they stated they had tried to find a solution to Quibi’s lack of success but unfortunately couldn’t find one.
Engadget reports that the service’s founders stated the idea behind Quibi might have not been strong enough. The video streaming service was available only on mobile devices. Quibi founders stated in an open letter that Quibi failed for either bad timing of the release of the product or a not-as-strong of an idea behind it.
The founder Jeff Katzenberg and the CEO of Quibi, Meg Whitman, stated that they will wind down the business and return cash to shareholders. Additionally, they stated they had tried to find a solution to Quibi’s lack of success but unfortunately couldn’t find one.
Quibi’s subscribers will receive notifications regarding the final date of access to the platform. Such a date is not listed for a full shutdown, but only that things will wind down over the next several months.
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