Quibi, the big bucks short-form streaming service that launched in April, will shut down after just seven months of operation, according to a report in the Wall Street Journal.
Rumors of the site’s demise have run rampant since the summer, and The Wrap reported that founder Jeffrey Katzenberg and co-founder Meg Whitman scheduled a call with both senior management and investors Wednesday night.
The news of closure comes after the Wall Street Journal reported that Quibi was “exploring several strategic options, including a possible sale.” At the time, the company was also considering raising more money or going public through a merger with a blank-check company to held fund the deal, according to the publication. None of these options have come to pass.
The Wall Street Journal reported in June that Quibi was on track to sign up fewer than 2 million subscribers within its first year, which was around 30 percent of its original target.
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https://www.indiewire.com/2020/10/quibi-shuts-down-post-mortem-failed-mobile-streaming-service-1234588080/