From the Bigger they come dept.
From initial announcement of the high level duo of former eBay CEO Meg Whitman and Hollywood Mogul Jeffrey Katzenberg there was always something unlikely about Quibi.
In some ways like “WeWork” for streaming – at least in the hype and over-financing department, the concept of reinventing the way that stories are told on screens and arbitrarily cutting all traditional sizes into 10 minute “bites” (quick-bites, hence the wonky name) seemed from day-one, to many, as a dubious goal.
Not only driven by outdated thinking on the creative-business axis: stars-only, big money leading the way, astronomical budgets, virtually no one involved with a current digital media background, in some ways its shocking it lasted this long.
Quibi Holdings LLC, which according to the WSJ article, had raised 1.75 billion in start-up capital is shutting itself down.
A lawsuit from a tech company who claims ownership of the streaming tech used by the service, in particular the “turn style” feature, where the videos could be watched either in landscape mode or portrait, with the viewer able to switch back and forth at any time. Interactive-video company Eko initiated a lawsuit with the help of Elliot Management.
This is a better, more plausible, reason, in addition to the lack of interest from viewers, than using the pandemic and the timing of the initial launch coming during lock-down as an excuse.
Although Quibi attracted major advertisers and achieved a pre-sale of $150 million in booked ad-revenue, ahead of the initial launch, payments where predicated, as is typical, on viewership numbers which never materialized.
This news is yet another indicator of the incredibly volatile nature of the online video market, and is a harbinger of likely many more shake-ups and flame-outs in the near future…
Lynxotic may receive a small commission based on any purchases made by following links from this page.
Entertainment2 weeks ago
This Intense Psychological Thriller from Sweden is Climbing the Netflix top 10
Entertainment3 days ago
Last call to watch these Movies before they leave Netflix by February 28th
Politics2 weeks ago
“Blood” clip from Lincoln Project is Succinct Summation of Trump & His Enablers Crimes
Cutting Edge5 days ago
Elon Musk promises Starlink’s internet Max Speed will Double by end of 2021: in UK some say it already did
Cutting Edge6 days ago
Impressive Robots: one can sing Celine Dion while another grooves to ‘Dirty Dancing’
Business1 week ago
Elon Musk, Tesla & SpaceX income from Carbon Tax Credits, Bitcoin and Government Subsidies
Breaking News3 days ago
The Golden Trump (Statue) Fiasco has Just Begun
Breaking News1 week ago
It’s time to face it: Politicians that propagate Disinformation for the Fossil Fuel Industry are Wrong and Evil, Period
Entertainment2 weeks ago
‘House of the Dragon’ to begin Production Soon
Entertainment3 weeks ago
New Netflix True Crime Doc shoots to #1: Dive into ‘Crime Scene’
Breaking News4 days ago
Breaking: Biden orders US air strikes in Syria Against Iranian backed Militia
Apps2 weeks ago
Inside the Clubhouse App: YouTube and Change at the Speed of Sound