Quibi Shuts Down After Just Six Months as Industry Landscape Shifts
The short-form video platform Quibi officially confirms it is winding down operations and selling its assets just over six months after its launch. Founder Jeffrey Katzenberg notes that the world has changed dramatically, making standalone operations unsustainable.
Quibi officially confirms it is shutting down its business operations and initiating a process to sell its assets. The short-form video startup, led by founder Jeffrey Katzenberg and CEO Meg Whitman, lasts just a little over six months after its high-profile launch in April.
The company determines that a dramatically changed industry landscape and ongoing challenges prevent the platform from continuing as a standalone business. Katzenberg acknowledges that the world shifts quickly, ultimately leaving the quick-bite video app unable to find a sustainable long-term path forward.
This abrupt closure marks a stunning downfall for a venture that raises nearly $2 billion from major Hollywood and tech investors. Quibi launches at the very beginning of the COVID-19 pandemic, a timing that severely disrupts its original premise of providing premium, bite-sized content for on-the-go commuters.