Phone Streaming Platform Quibi Already On Sale After Weak Launch
Smartphone streaming service Quibi is reportedly already eyeing a possible sale after its recent official launch failed to attract subscribers.
Quibi, an abbreviation of the phrase ‘quick bites’, was founded by former Disney and DreamWorks executive Jeffrey Katzenberg in August 2018 and its content is created exclusively for streaming on smartphones.
After a weak launch in April this year, the company is looking to sell or go public with a merger with a special purpose acquisition company, according to the Wall Street Journal.
Quibi raised US$1.8 billion in its initial cash raise (IPO).
The possible sale of the phone streaming platform comes after it had a tough time pulling in subscribers due to the coronavirus pandemic.
The Quibi service costs $4.99 a month with ads and $7.99 without ads in the US.
It is free in Australia and New Zealand with ads or $6.99 in Australia and NZ$7.49 in New Zealand for ad-free streaming. It launched here on August 5.
The original content streamed on Quibi include shows broken up into 10-minute segments with high-profile actors such as Jennifer Lopez and Idris Elba appearing in the episodes.
Quibi also picked up its first Emmy for “#FreeRayshawn,” with Laurence Fishburne and Jasmine Cephas Jones awarded gongs in the short-form category.