After failing to hit the subscriber numbers they were hoping for, streaming service Quibi is officially shutting down and selling off all its assets.
Quibi (short for Quick bites) was a streaming service designed specifically for mobile devices with episodes lasting only 10 minutes or less. Quibi was helmed by Hollywood producer Jeffrey Katzenberg and former eBay CEO Meg Whitman who had thrown some big money at the project landing stars including Sophie Turner and Liam Hemsworth.
Katzenberg released a statement expressing his gratitude to the creative teams behind the project:
“Quibi was founded to create the next generation of storytelling. We have assembled a world-class creative and engineering team that has created an original platform fueled by groundbreaking technology and IP, enabling consumers to view premium content in a whole new way. The world has changed dramatically since Quibi launched and our standalone business model is no longer viable. I am deeply grateful to our employees, investors, talent, studio partners and advertisers for their partnership in bringing Quibi to millions of mobile devices.”
While the platform itself might be over, the shows and original properties might show up on other platforms if services like Netflix, Prime Video, or Crave purchase them.
Featured image courtesy of Pitchfork via pitchfork.com