After only 6 months, is Jeffery Katzenberg selling Quibi?
According to a WSJ report, Quibi has fallen on some hard times. With subscriptions low, Jeffrey Katzenberg is exploring a potential sale of the bite-size streaming platform. The company is supposedly considering other options, including another round of funding or going public through a merger with a special purpose acquisition company, or SPAC.
A Quibi spokesperson said: “Quibi has successfully launched a new business and pioneered a new form of storytelling and state-of-the-art platform. Meg [Whitman] and Jeffrey are committed to continuing to build the business in the way that gives the greatest experience for customers, greatest value for shareholders, and greatest opportunity for employees. We do not comment on rumor or speculation.”
That "no comment" neither confirms nor denies the report. But we didn't really expect them to either, right?
It's been said before, but Quibi debuted with nearly $2 billion in funding. They had stars like Kevin Hart, Jennifer Lopez, Steven Spielberg, and LeBron James creating titles. They have daily news shows and ongoing series but they never made a dent in the streaming wars.
In June, Quibi was on pace to pull in 2 million subscribers by the end of the year, but they had hoped for almost 7 to 8 million.
There was a lot of public backlash; you couldn't screenshot, broadcast on your TV, or share videos or clips with friends. This stuff has all been altered or changed but it didn't attract subscribers early on.
Why would anyone want to buy Quibi?
Well, the app is live and easy to access, with a catalog that can be grown or added to what someone already has. Plus, all the stars' shows are paid for. So they aren't going anywhere. Still, how much work needs to happen to resurrect the app?
How can this stuff change?
If you have ideas, let us know in the comments.