As founder Jeffrey Katzenberg has said, the high-flying streaming app that was quite a hit when it launched back in April 2020, is sadly shutting down. Quibi, which proved itself as a great alternative to mainstream platforms with its exclusive in-house content and mobile-only service, simply couldn’t retain viewers.
Despite raising $1.75 billion in funding and hundreds of millions of dollars in ad money from big brands like Pepsi Co. and Walmart ahead of its launch, the time for Quibi is up. Katzenberg originally intended to sell Quibi off, hiring a restructuring firm to offer opinions on parent company Quibi Holdings LLC and shopped the app around to companies that included Comcast and NBC. The app is however simply shutting down.