(TECH INFORMATION) Despite getting major capital from big players, Quibi is shutting straight down just six months after launch. Just exactly just What generated their downfall?
October 26, 2020
Just 6 short months after starting its platform, Quibi has made a decision to pl the plug.
The streaming that is mobile-only vision would be to produce short-form videos with greater manufacturing value than compared to competitors like YouTube or TikTok. Having enlisted names that are big as Steven Spielberg, Ridley Scott, Jennifer Lopez, and Lebron James, Quibi had high hopes for just what the solution cod fulfill. Within an available page posted to moderate, founding business professionals Jeffery Katzenberg and Meg Whitman cited timing and also the concept of mobile-first premium storytelling maybe maybe maybe not being strong sufficient while the main grounds for shuttering.
вЂњAs entrepreneurs our instinct would be to always pivot, to go out of no rock unturned вЂ” especially if you find some cash runway left вЂ” but we feel that weвЂ™ve exhausted all our choices.вЂќ The page reported, вЂњAs an escape we now have reluctantly started to the diffict choice to wind straight down the company, get back money to your sharehders, and leave behind our cleagues with elegance. We would like one to understand we would not give up this concept without having a battle.вЂќ
The move is somewhat astonishing given that back March the solution been able to raise yet another $750 million in capital, bringing its total fundraising to $1.75 billion. (more…)