Some of Our Sources
- BoingBoing
- Engadget
- Simplebits
- TutsPlus - Code
- Joshua Blankenship
- TutsPlus - Design
- Inspiredology
- Web Designer Depot
- Codrops
- Dev To
Help Webnuz
Referal links:
October 21, 2020 06:55 pm
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/QWUMGTM3E3o/quibi-is-shutting-down
Quibi Is Shutting Down
Quibi is considering shutting itself down, WSJ reported Wednesday, citing people familiar with the matter, a move that points to a possible crash landing for a once-highflying entertainment startup that raised $1.75 billion in capital. From the report: The streaming service has been plagued with problems since it launched in April, facing lower-than-expected viewership, disappointing download numbers and a lawsuit from a well-capitalized foe. The service is aimed at mobile viewers, but the coronavirus pandemic forced would-be subscribers away from the kinds of on-the-go situations Quibi executives envisioned for its users. Quibi attracted blue-chip advertisers including Pepsi, Walmart and Anheuser-Busch, securing about $150 million in ad revenue in the run-up to its launch. Those deals came under strain earlier this year amid lower-than-expected viewership for Quibi's shows, prompting advertisers to defer their payments. In recent weeks, Quibi hired a restructuring firm to evaluate its options, the people said. The firm recommended the options to the board of directors this week, laying out a list of options that included shutting the company down. Update: 10/21 19:44 GMT: The Information is reporting that Quibi has decided to shut down. From the report: The closure is a stunning end to Katzenberg's hopes of creating a new category of video entertainment, short programs of a few minutes in length that could be watched on the go. Katzenberg, a former Disney executive who later helped start DreamWorks, raised nearly $2 billion to finance Quibi. Among the backers were most of the major Hollywood studios, Google, Alibaba and the Madrone Capital Partners. Quibi scheduled calls with investors and employees on Wednesday afternoon to deliver the news.Read more of this story at Slashdot.
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/QWUMGTM3E3o/quibi-is-shutting-down
Share this article:
Tweet
View Full Article
Slashdot
Slashdot was originally created in September of 1997 by Rob "CmdrTaco" Malda. Today it is owned by Geeknet, Inc..More About this Source Visit Slashdot