Streaming Service Quibi To Wind Down Operations Six Months After Launch

“Our failure was not for lack of trying; we’ve considered and exhausted every option available to us,” Chief Executive Meg Whitman and Katzenberg said in a letter to employees. They said the failure could be either because the idea itself wasn’t strong enough to justify a standalone streaming service or because of its timing.

Quibi, which is backed by $1.8 billion from Hollywood studios and other investors, was launched on April 6 when audiences were sheltering at home to help prevent the spread of the coronavirus.