Quibi Is Reportedly Shutting Down
Quibi, the mobile streaming service that raised $1.75 billion in funding, is shutting down six months after its launch, according to The Wall Street Journal. The $4.99 per month service has reportedly struggled with lower than expected viewership since launching in the U.S. and Canada in April.
Quibi offers TV shows, movies and news in 5- to 10-minute episodes. In addition to shows starring A-list actors and actresses, Quibi’s sports content includes a news show from ESPN and docuseries produced by athletes such as LeBron James, Steph Curry and Cam Newton.
Founded by longtime Hollywood executive Jeffrey Katzenberg, Quibi’s investors include The Walt Disney Company, NBC Universal, Sony Pictures, ViacomCBS, WarnerMedia, and Alibaba Group.
Another possible contributing factor to Quibi’s reported demise is an ongoing lawsuit from interactive video company Eko. In March, Eko claimed that Quibi infringed on its patents by copying its technology that lets smartphone users seamlessly rotate between watching video in landscape and portrait mode.