Quibi, which stands for quick bites, a streaming service company that only lasted for a few months, was an idea of Jeffrey Katzenberg and Meg Whitman to transform the streaming world by providing content on the go. The company, however, failed to remain afloat and only six months after being launched. There are a lot of reasons attributed to its failure, with initial blame on the pandemic. However, Jeffrey later said it was wrong to blame it all on the pandemic. Quibi could not generate a fan base despite many downloads at the beginning. Other factors were content that did not generate buzz.
While the project faced skepticism from the beginning, it was highly anticipated because of Katzenberg’s reputation as a Hollywood heavyweight. As former chairman of Walt Disney Studios and a co-founder of DreamWorks Animation, the consensus seemed to be that if anyone could disrupt mobile viewership patterns, as Quibi hoped, it would be Katzenberg.
While discussing Quibi’s failure on a call with investors and in an open letter Wednesday, Katzenberg and Whitman cited the unique environment created by the Covid-19 pandemic and the possibility that their idea wasn’t suitable to be a standalone subscription service.From NBC News
You would think that with a big name like Katzenberg, who worked in big productions in Walt Disney like The Lion King and Aladdin, Quibi would be among the top streaming services. The service was also only available on mobile devices, and despite starting with an amount almost six times what YouTube started with, they did not entice subscribers with a free trial like Netflix. Additionally, an article by Steve Glaveski points out Katzenberg as very egotistical and not expressing leadership qualities of humility; instead, he is arrogant and defensive. However, in a move to original content, Roku wants content even from Quibi.
More Data from Failory
oku is reportedly in talks to buy the rights to content from Quibi, the short-form video company that shut down after just a few months. While it may seem surprising that leader Roku would make a deal with failed Quibi, the move would fit nicely into Roku’s content-acquisition binge in a hypercompetitive space.
Roku (ROKU) built its business by being a hub for other services, and its success is thanks to the device’s ability to offer customers content from a slew of options.
But Roku has been focusing on acquiring more content for itself. That makes sense because original content is increasingly important in the hyper-competitive streaming world — even if that content is from the short-lived, often mocked Quibi.
Case in point, Roku announced on Wednesday that users watched nearly 60 billion hours of streaming content last year, an increase of 55% year over year.From CNN