In the media world, the big winners from the covid crisis are undoubtedly the streaming platforms, which are breaking subscription and revenue records. Well, almost all of them. There is always an exception to confirm the rule and her name is Quibi.
Six months ago, Jeffrey Katzenberg and Meg Whitman launched a concept intended to revolutionize our viewing habits. Assuming that we always have less time for leisure and that we watch series in public transport, for example, they had launched the concept of films or episodes of ten minutes maximum. Supported by most of the Hollywood giants (Disney, NBCUniversal, Viacom, Sony Pictures Entertainment, WarnerMedia, Lionsgate, MGM, ITV, Entertainment One), they were convinced to stick as closely as possible to the new habits of spectators and to foreshadow the to come up.
The future will tell if they were right. But the present proves them wrong. The public does not follow them. While Disney + has attracted 60 million subscribers in six months and Netflix has a record year with 28 million additional followers since the start of the year, Quibi has attracted only 1.6 million subscribers, against 7.4 expected to the budget. The failure is obvious. And hurts very financially, since two billion dollars have been invested in the company.
The founders therefore decided to throw in the towel. “We feel we have exhausted all our options, they wrote in a letter to their team and investors. As a result, although we have sufficient funds to operate for a while yet, we have reluctantly made the decision to shut down our business, return the money to shareholders and gracefully say goodbye to our colleagues. We continue to believe that there is an attractive market for short-term content. We will be working hard in the coming months to find buyers for these assets. “
He is arguably only the first fighter to drop arms in the currently raging streaming platform war. Faced with Disney + and Netflix, not sure there will be room for everyone on our screens in the future, as customer portfolios are rarely expandable.
*We just want readers to access information more quickly and easily with other multilingual content, instead of information only available in a certain language.
*We always respect the copyright of the content of the author and always include the original link of the source article.If the author disagrees, just leave the report below the article, the article will be edited or deleted at the request of the author. Thanks very much! Best regards!
These were the details of the news The “revolutionary” Quibi streaming platform, a $ 2 billion flop for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at en24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.
