Quibi, a day after launching on the Apple TV, is shutting downQuibi, one of the most polarizing forays into streaming, has died.
What you need to know
Quibi has announced that its streaming service is shutting down.
The company is returning as much capital to investors as possible rather than to continue.
Employees of the company will be laid off and paid a severence.
Reported by The Wall Street Journal, Quibi has announced that it is shutting down after trying to break into the streaming market for six months. The service, which created shows broken out into bite-sized episodes and allowed you to watch either horizontally or vertically on your smartphone, struggled to get any traction in subscribers.
"Our failure was not for lack of trying," founder Jeffrey Katzenberg and Chief Executive Meg Whitman said in an open letter to employees and investors. "We've considered and exhausted every option available to us."
Thankfully, employees who jumped on board the company will be paid severence, and the content that Quibi has produced will ...
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Quibi, a day after launching on the Apple TV, is shutting down
