Quibi Announces Shutdown Less Than Seven Months After Launch, Failing to Gain Traction
- Quibi is ready to wrap it up, as the streaming platform couldn’t build the audience it was hoping for.
- The founder told investors and partners that they left no stone unturned, but there’s just no other option.
- Quibi fell victim to very bad timing, as the pandemic has swept away the conditions that inspired the idea.
It was only in April 2020 when we covered the news about the launch of a new streaming service called ‘Quibi.’ The platform was aiming at users who are “on the go,” so it featured short-length content, mobile streaming optimizations, and curated content. The subscription cost was set on very competitive levels, and a generous 90-day free trial accompanied the launch of the service, but it all went down burning.
Launching a new streaming service that’s specialized on mobile platforms couldn’t have worse timing. The COVID-19 pandemic has kept people in their homes, enjoying bigger screens and longer content, so not many cared about Quibi at this time.
Quibi realized the peculiarity of the situation but bet that with so many people stuck home, access to larger screens could suddenly become a scarcity. So, they still saw the potential for people who would grab their smartphones to enjoy something. Soon, they realized that this wasn’t happening, so in May, they added support for AirPlay, and in June, they added support for Google Chromecast. Quibi had to break into the bigger screens to get a chance, but this effort was not enough to see it take off.
And now, Quibi has announced the end by sending out notifications, although they didn’t give a specific end date yet. The company said they have the financial resources to push forward for longer, but they see no point in doing it. The market prospect is negative, and the situation isn’t showing any signs of shifting, so Quibi will wrap it up.
The founder has also addressed an open letter to the employees, investors, and partners of Quibi, saying that:
So, there you have it. Quibi will soon be history, and if you happen to be one of those few who enjoyed the platform, this is, unfortunately, the end of the road. If you’re looking for alternatives for a short-video platform rich in content and which works well on mobile, how about YouTube?