Short-form streaming service Quibi is closing down just over six months since launching, the company has announced. The service had promised to revolutionise how viewers consumed entertainment and was geared towards smartphones.
Its shows aired in 5-10 minute chapters and Quibi launched with deep pockets and content featuring some of the biggest names in Hollywood.
However, it has struggled since arriving in April after the global pandemic eliminated commutes for millions of people and made “on-the-go” shows less viable.
Founder Jeffrey Katzenberg and CEO Meg Whitman, who raised nearly 2 billion dollars (about £1.5 billion) for the start-up, announced it was closing in an open letter on Wednesday.
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