Quibi

Extracted Attributes

• Founded

  2018-08-01

• Founder

  Jeffrey Katzenberg

• Industry

  Short-form video streaming

• Headquarters

  Los Angeles, California, United States

• Total Funding Raised

  $1.75 billion

• Chief Executive Officer

  Meg Whitman

• Acquisition Price (Content Library)

  Less than $100 million

Timeline

• Quibi is founded under its original name, NewTV, by Jeffrey Katzenberg in Los Angeles. (Source: Wikidata)

  2018-08-01

• NewTV is officially renamed Quibi, derived from 'quick bites'. (Source: Wikipedia)

  2018-10-01

• Quibi officially launches its mobile-first streaming service in the United States, Canada, and several international markets. (Source: Wikipedia)

  2020-04-06

• Quibi announces it will shut down business operations after failing to meet subscriber and financial projections. (Source: The Guardian)

  2020-10-21

• Quibi officially ceases streaming operations and shuts down. (Source: Wikipedia)

  2020-12-01

• Quibi's content library is acquired by Roku, Inc. for less than $100 million. (Source: Wikipedia)

  2021-01-01

Quibi

Quibi ( KWIB-ee) was an American short-form streaming platform that generated content for viewing on mobile devices. It was founded in Los Angeles in August 2018 as NewTV by Jeffrey Katzenberg, and it was led by Meg Whitman as CEO. The service raised $1.75 billion from investors. It launched in April 2020, but shut down in December 2020 after falling short of its subscriber projections. In January 2021, Quibi's content library was sold to Roku, Inc. for less than $100 million. The platform's concepts and failure inspired widespread mockery.

Web Search Results

• Quibi - Wikipedia

  ## Legal issues Quibi filed a lawsuit against interactive video developer Eko "Eko (media production company)") on March 9, 2020 seeking a declaration "Declaration (law)") 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 "App Store (iOS)") and unspecified monetary damages. Quibi pre-emptively filed its lawsuit, Quibi Holdings, LLC v. Interlude US, Inc. (d/b/a Eko), in the United States District Court for the Central District of California. Eko filed its own separate but related countersuit, JBF Interlude 2009 Ltd – Israel v. Quibi Holdings, LLC, a day later, alleging that Quibi stole proprietary technology after Eko demonstrated it to Quibi's employees, including Katzenberg. [...] ### Launch Quibi launched on April 6, 2020. It was available in the United States and Canada. An ad-free U.S. version of the app was made available in the United Kingdom, Ireland, Australia, and Germany among others on April 6, 2020. TechCrunch reported that Quibi saw 300,000 downloads and "hit No. 3 in the App Store" on its launch day. On April 14, the company announced it had seen 1.7 million downloads of its app in its release week. In the Google Play store, Quibi was the 11th-most-downloaded app as of April 16. [...] ## History ### Pre-launch Quibi was founded in August 2018 as NewTV by Jeffrey Katzenberg and was led by Meg Whitman as CEO. In October 2018, NewTV was renamed Quibi. The service targeted a younger demographic, with content delivered in 10-minute episodes called "quick bites" (with the name Quibi derived from "QUI-ck BI-tes"). In 2018, Quibi raised $1 billion in funding from major Hollywood film studios, TV companies, telecommunications companies, technology companies, banks, and other investors including The Walt Disney Company, 21st Century Fox, NBCUniversal, Sony Pictures, WarnerMedia, Viacom "Viacom (2005–2019)"), RTL Group, FremantleMedia "Fremantle (company)"), eOne, Lionsgate Studios, MGM, Madrone Capital, Goldman Sachs, JPMorgan Chase, Alibaba Group, Liberty Global, and ITV.

• Quibi: shortform streaming service to shut down after six months | Culture | The Guardian

  The media mogul and Whitman had worked with a restructuring firm to find a buyer, yet were unable to attract one. The app currently has just 500,000 paying customers after initially attracting more than 7 million. Investors were called today with the news, while its 200 employees were told during a town hall. Quibi was also embroiled in a lawsuit with Eko, a company claiming the technology being used was copied from theirs, and had also seen a number of senior executives leave “I attribute everything that has gone wrong to coronavirus,” Katzenberg said to the New York Times in a May video interview. “Everything. But we own it.” [...] The mobile platform, which offered quick bites, known as “Quibis”, of films and shows lasting less than 10 minutes, launched in April with almost $2bn in investment, yet failed to meet its subscriber targets, amassing a string of negative reviews along the way despite big star names such as Jennifer Lopez, Reese Witherspoon, LeBron James and Steven Spielberg getting involved. The fall of Quibi: how did a starry $1.75bn Netflix rival crash so fast? Read more “The world has changed dramatically since Quibi launched and our standalone business model is no longer viable,” Katzenberg said. “I am deeply grateful to our employees, investors, talent, studio partners and advertisers for their partnership in bringing Quibi to millions of mobile devices.” [...] They will identify “a suitable buyer or buyers for its assets,” in the coming months. The company does not own any of its many shows and films but has the rights to them for seven years, after which point the creators will then have the right to assemble and distribute them. Quibi’s library includes an updated version of MTV’s Punk’d hosted by Chance the Rapper, a comedy about a sex doll called Dummy starring Anna Kendrick, a remake of The Fugitive with Kiefer Sutherland, and Chrissy’s Court, which sees Chrissy Teigen act as the judge for various small case claims. “We continue to believe that there is an attractive market for premium, short-form content,” Whitman said today. Explore more on these topics Culture US television Television Jeffrey Katzenberg news Share

• Quibi Streaming Service Is Shutting Down About 6 Months After Launch : NPR

  Updated at 7:52 p.m. ET Quibi, the mobile-first streaming service to specialize in original shows with short five to 10-minute-long episodes, is shutting down its business operations and selling its assets little more than 6 months after launching, according to a statement released by the company. It was an abrupt ending for a company founded by big names in entertainment and business worlds and seemed poised, at one point, to reinvent the streaming TV game. "Quibi was founded to create the next generation of storytelling," founder and board Chairman Jeffrey Katzenberg said in the statement. "The world has changed dramatically since Quibi launched and our standalone business model is no longer viable." [...] Quibi debuted April 6, touted as a service focused on younger viewers with episodes formatted in "quick bites" – hence, the name – of 10 minutes or less. Shows featured on the streamer included a remake of The Fugitive with Kiefer Sutherland, a version of the prank show Punk'd hosted by Chance the Rapper, a version of the newsmagazine 60 Minutes called 60 in 6 and other shows starring or executive produced by Jennifer Lopez, Laurence Fishburne, Liam Hemsworth and Kevin Hart. But critics complained that, at launch, it was difficult for users to share what they were watching on social media with friends and tough to find specific programming on the app. Initially, Quibi content was only viewable through the smartphone app and users couldn't watch content on TV sets.

• Quibi officially announces it's shutting down

  The company, which was founded by Hollywood producer Jeffrey Katzenberg and led by CEO Meg Whitman, raised $1.75 billion ahead of its launch in April. The app features short-form news and entertainment videos (or "quick bites") running 10 minutes or less in length. It attracted top Hollywood stars for its shows too, such as Chrissy Teigen and Idris Elba. Investors in Quibi included legacy media companies like Disney, Comcast's NBCUniversal, and AT&T's WarnerMedia. The company said in its announcement that it's making a proactive decision to preserve shareholder equity, and will return the remaining funds to investors. Quibi alerted its investors and employees of the news Wednesday afternoon. [...] thumbnail Steve Kovach WATCH LIVE Key Points Quibi, the short-form video streaming service founded by Jeffrey Katzenberg and Meg Whitman, will shut down. Quibi launched just over six months ago. The company raised nearly $2 billion in funding, but failed to attract subscribers. Jeffrey Katzenberg at CES Source: CNBC Quibi, the short-form entertainment service for mobile devices, announced on Wednesday that it will shut down, just over six months after its service launched.

• What Went Wrong for Quibi? | Robert H. Smith School of Business

  Michel Wedel, Distinguished University Professor and PepsiCo Chair in Consumer Science at the University of Maryland’s Robert H. Smith School of Business, has been following Quibi’s entry into the crowded field of subscription streaming services. He says the reason why Quibi didn’t catch on with consumers is simple. “Consumer demand was not there,” he says. ”Why consumers were not responding is more difficult to answer.” “Quibi had a powerful concept,” Wedel says. “With decreasing consumer attention spans, especially online and on mobile devices, short snippets of content offer a very attractive proposition – especially if that content is of high quality, as some of Quibi’s content is.” [...] “Unlike a fully free version, neither of these two versions has the ability to quickly build up a large user base that will generate advertising revenue in the long run.” What you get Quibi offers neat turnstyle technology that lets viewers watch content from different perspectives by rotating their phones. It’s “a nice feature,” says Wedel, but probably not nice enough to drive consumer acquisition or retention on its own. Compounding Quibi’s troubles was the fact that users initially weren’t able to share content on social media, and the platform lacked technologies for building interactive streaming communities.

• Founder

  Jeffrey Katzenberg

• Instance Of

  Q35127

• Headquarters

  Los Angeles

• Inception Date

  8/1/2018