Quibi Shutting Down After Less Than One Year

December 1st marks the moment when Quibi will terminate their streaming services. There hasn’t been any other streaming platform that’s struggled to ascertain a customer base, which follows after Quibi implemented a unique & undesirable format for watching content. Similarly, to Snapchat & TikTok, consumers could stream shows in portrait or landscape mode on their mobile devices. The concept wasn’t remotely adopted by North Americans, prompting Quibi’s shutdown several months after launching.

Content made exclusively under Quibi’s ownership will be sold to third-party corporations, likely Amazon Prime Video or Netflix. The Co-Founder of Quibi has recommended that the few thousand supporters of their platform follow the companies Twitter Hashtag. Updates regarding their library catalogue will be released via Twitter. It should be noted that negotiations regarding ownership of their library catalogue begun before a formal announcement of their closure was made. Details regarding potential buyers haven’t been detailed, but Co-Founder Jeffrey Katzenberg believes that two parties are interested, and a possible bidding war could unfold.

Executives employed with Quibi are working towards the closure of their streaming services while ascertaining funds needed to pay back investors that’ve seen zero returns on their investment. Additionally, Quibi has to defend themselves through the American Court System financially. Eko Interactive Video claims that Quibi stole their “Turn Style Streaming Technology”. EIV Incorporated confirmed that they’d continue the lawsuit, not considering Quibi’s closure.

Inevitable Failure

Since August 2020, it seemed failure was inevitable for Quibi & that the company would likely become a discontinued streaming service before reaching critical success. Co-Founder Jeffrey Katzenberg defended criticism against their inevitable failure until October 15th. His arguments against their eventual success ended after the Hollywood Executive realized financial losses couldn’t be sustained any longer. Considering that $2 Billion was raised before Quibi launched in April & that the company announced their closure several months later, this streaming service is regarded as a critical failure.

Quibi is the perfect example of how Netflix and Amazon Prime Video hold the collective market share associated with streaming in North America. Services like HBO+, Disney+, and Hulu+ have struggled to ascertain similar customer bases. Nobody ever will reach equal volumes to Netflix or APV.