If you would like to opt out of browser push notifications, please refer to the following instructions specific to your device and browser: Quibi Is Shutting Down Less Than a Year After Its Launch. In a press release, the company confirmed its intention to "wind down its business operations and initiate a process to sell its assets" following a "comprehensive assessment of strategic and financial options. From all-new original shows to must-see movies told in chapters, the next story will always be waiting. Terms of Use Quibi — which was marketed as a quick and easy way to indulge in entertainment, featuring "chapters" of 10 minutes or less, formatted to be watched on your phone — had raised $1.75 billion in capital, according to WSJ. "We continue to believe that there is an attractive market for premium, short-form content.

Thanks for contacting us. Us Weekly has affiliate partnerships so we may receive compensation for some links to products and services. Hunter biz partner confirms email, details Joe Biden's push to make millions from China: Goodwin, The evolution of Noah Cyrus: From Miley's baby sister to music star. Katzenberg, a former Disney executive, recently had tried to sell Quibi’s catalog of programming to companies such as NBCUniversal and Facebook without any success, according to the site. Part of the A360 Media Entertainment Group.Powered by WordPress.com VIP, Click to share on Facebook (Opens in new window), Click to share on Twitter (Opens in new window). Your Ad Choices “It is a modern-day Hindenburg within the digital and entertainment arena.”. Do Not Sell My Personal Information, Your California Privacy Rights Tal Chalozin, the co-founder and chief technology officer of online advertising and tech firm Innovid, noted coronavirus lockdowns actually boosted the viewership of services like Netflix, Hulu, Snap and Disney+.

… To be colorful, crazy, eccentric right now is dangerous.”.

Such a liquidation would allow Katzenberg and chief executive Meg Whitman to avoid the stench of bankruptcy, and assign Quibi’s assets to a third party to sell off the assets and pay off creditors. Get ready because a new docuseries is coming — and it’s bound to be a hit with everyone. "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. Quibi, the short-form video app founded by Hollywood mogul Jeffrey Katzenberg, is calling it quits after just six months. Quibi eventually allowed subscribers to its $4.99-a-month service to watch its shows on TV, but some experts doubted whether that was even the real problem. 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 to 70 min of YouTube, Facebook, Instagram and Snapchat. 45,369, © 2020 NYP Holdings, Inc. All Rights Reserved Schiffer said it is likely that Quibi opts for a so-called “ABC liquidation,” or assignment for the benefit of creditors.

Founder and chairman Jeffrey Katzenberg, who co-founded DreamWorks Animation, reportedly informed investors of the news on Wednesday. October 21, 2020 | 4:24pm | Updated October 21, 2020 | 6:29pm. "Our [service] is exclusively about what you do from 7 a.m. to 7 p.m. on your phone.

The shutdown marks a shocking end to Hollywood mogul Katzenberg’s plan to create a new category of entertainment that catered to people on the go.

Quibi presents fresh content from today’s biggest stars — one quick bite at a time. That growth is now a well established consumer habit that Quibi is sailing into.".

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On today's show, the CNBC.com After Hours team explains why short-form video company Quibi … “It’s important to talk about this guy who did atrocious things because he also did some really cool things, but you have to ask yourself, ‘Is that the kind of leadership you want to celebrate?’”he continues. “Big Rad Wolf” explores the history of American Apparel told by those who lived it through the good, the bad and the ugly. With well-known rivals already out there, he said that it is “close to impossible” to succeed.

The streaming service launched in April with a focus on telling stories in chapters of 10 minutes or less. Experts grade Trump and Biden.

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