New reports indicate that Quibi is selling off its content library to companies like Facebook and NBC, ahead of a potential shutdown.
Quibi might be on the way out. The mobile-first streaming service has failed to attract subscribers this year, despite the new features. With Quibi, you can watch bite-sized videos on your phone. The app also uses the Turnstyle technology for changing from portrait to landscape modes. However, new reports indicate a possible shutdown.
Quibi Closes
Engadget reports that Quibi’s founder and chairman, Jeffrey Katzenberg, has started telling people that he plans to shut down the company. Moreover, Katzenberg is already trying to sell Quibi’s content library to other companies.
Quibi chairman reportedly looked into selling its content library https://t.co/w9j0hQ0QKD
— Engadget (@engadget) October 21, 2020
The Information adds that Quibi wants to sell to NBCUniversal and Facebook. Earlier, Quibi execs blamed COVID-19 for its failure. Now, the experiment seems ready to end. Katzenberg also founded Dreamworks Pictures.
Why Did Quibi Fail?
A review from Engadget comments that “nobody asked for Quibi” in the first place. The reviewer also questioned why users should pay $5 a month to watch ad-filled content, which they can only watch on their phones.
Since then, Quibi has allowed TV support. It also released more original content. The company expanded to Apple’s AirPlay and Google’s Chromecast. Today, Quibi also released apps for Android TV, Amazon’s Fire TV, and Apple TV. However, Quibi may be too little, too late.
What’s Next for Quibi?
Since Quibi is selling off its library, the app may not stick around for long. The Information says that the company still has $850 million left from its $2 billion investment. With its shutdown, Quibi execs may want to start repaying its investors.
