Quibi is an over-the-top American short-form streaming platform that generates content for viewing on mobile devices. It was founded in August 2018 as NewTV by Jeffrey Katzenberg and was led by Meg Whitman, its CEO. In October 2018, NewTV was renamed Quibi. The service targeted a younger demographic, with content delivered in 10-minute episodes called ‘quick bites’
About Quibi in brief
Quibi is an over-the-top American short-form streaming platform that generates content for viewing on mobile devices. It was founded in August 2018 as NewTV by Jeffrey Katzenberg and was led by Meg Whitman, its CEO. In October 2018, NewTV was renamed Quibi. The service targeted a younger demographic, with content delivered in 10-minute episodes called ‘quick bites’ It raised USD 1. 75 billion from investors. It launched on April 6, 2020. On October 21, 2020, six months after its launch, Katzeenberg announced the platform would shut down around December 1, 2020 after falling well short of its subscriber projections. The company had reportedly avoided its staffing levels, though the app had fallen out of the top 1,000 apps on Sensor Tower’s rankings. The Walt Disney Company, 21st Century Fox, NBCUniversal, Sony Pictures, Time Warner, Viacom, eOne, Lionsgate, MGM, Madrone Capital, Goldman Sachs, JPMorgan Chase, Alibaba Group, Liberty Global and ITV all invested in Quibi in 2018.
In 2019, Quibi announced it would launch in April 2020 with two pricing tiers. On July 8, 2019, BBC Studios announced it had invested in quibi. By late 2019, quibi had sold out its first-year advertising inventory, which amounted to USD 150 million. Quibi filed a lawsuit against interactive video developer Eko on March 9,2020, which sought a declaration that Quibi did not infringe on Eko’s patented technology, as well as an order that Eko withdraw a complaint filed with Apple’s App Store and unspecified monetary damages. On May 3, Elliott Management announced that it would fund Eko’s lawsuit in exchange for equity in the company. By early June, it was reported that the company implemented voluntary executive pay cuts, though Quibi was in a good financial position.
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This page is based on the article Quibi published in Wikipedia (as of Nov. 24, 2020) and was automatically summarized using artificial intelligence.
