Five months after its rocky, inauspicious launch, Quibi “is exploring several strategic options including a possible sale.'
Originally designed for subscribers to watch on their mobile device, Quibi was a poor fit for an audience stuck at home and quarantined during the global health crisis. The closed-loop technology prevented users from watching Quibi programming on their laptops or streaming the content to their televisions via Apple Airplay or Google Chromecast, among other devices. Then there are the programs themselves, shows split into short-form chapters expressly designed to be watched on the go.
“I’m going to continue to believe, and argue, and preach that Quibi is not a substitute or a competitor for television,” Katzenbergin 2019. “Our [service] is exclusively about what you do from 7 a.m. to 7 p.m. on your phone. And what you’re doing today, if you’re in our core demographic of 25- to 35-year-olds, is you’re actually watching 60-70 min of YouTube, Facebook, Instagram, and Snapchat. That growth is now a well-established consumer habit that Quibi is sailing into.
But the pandemic rendered that idea somewhat obsolete. “My hope, my belief was that there would still be many in-between moments while sheltering in place,” KatzenbergBack in June, thea relatively dire picture of Quibi’s future, claiming that by September the company would have spent $1 billion of its initial $1.75 billion in investor money. At the time, the publication stated Quibi would likely have to raise another $200 million by the midway point of 2021.
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