The Rise and Fall of Quibi

Quibi, a short-form streaming service, launched in April 2020 with the promise of delivering Hollywood-quality content in 10 minutes or less. Backed by big names in Hollywood and Silicon Valley, Quibi raised $1.75 billion in investment and signed on a slew of A-list celebrities. However, despite initial excitement, the platform failed to retain subscribers after their free trial period, with over 90% of users canceling their subscriptions. The COVID-19 pandemic was partly blamed for the poor performance, but competitors like YouTube and TikTok thrived during the same period. Quibi's inability to adapt to the changing media landscape, limited accessibility (only available on mobile devices), and lack of compelling content led to its demise after just six months of operation. The company closed its doors, with Roku purchasing a portion of its catalog for less than $100 million.