Short form video platform Quibi launched by Hollywood producer Jeffrey Katzenberg and former HP ceo Meg Whitman has announced that it is winding the business down and seeking a buyer for its content and tech assets.
In a statement, Katzenberg and Whitman said that “Quibi was a big idea and there was no one who wanted to make a success of it more than we did. Our failure was not for lack of trying; we’ve considered and exhausted every option available to us.”
The pair said the ultimate failure of the business to sign up enough subscribers was “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.
“Unfortunately, we will never know but we suspect it’s been a combination of the two. 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. We were not able to do so.”