Quibi- Who Had Burn $10 Billion, Went Bankrupt

Quibi’s founding team could be described as glittering: its founder, Jeffrey Katzenberg who is a Hollywood giant producer, is also the founder of DreamWorks. Besides, CEO Meg Whitman, was once CEO of some companies such as eBay and HP, and he is also a senior manager in technology industry. The two founders also launched their own network contacts and recruited a large number of executives from Disney, Netflix, snapchat and other giant companies. The lineup was grand.

With the support of such a team, Quibi has obtained$1.75 billion investment before it went online. The investors included Hollywood producers such as Disney, Time Warner and Sony Entertainment, as well as top investment agencies such as Goldman Sachs and Alibaba.

In April 2020, Quibi was officially launched. To support the new platform, famous Hollywood director, Jill del Toro (director of Water Story), actor Kevin Hart (starring in Game of the Brave) and actress Jennifer Lopez launched their own programs on Quibi’s platform.

It seems that the company had a promising future. However, only half a year after the product launched, it experienced a series of dilemmas such as weak growth of users, advertisers’ challenges, salary reduction of management team, patent litigation and so on. In September, only a few months after its launch, it was said to be sold off.

Today, the news named "Quibi is DEAD!" has swept the headlines of all major science and technology media.

Peak at Starting Point, with $300 Thousand Download

Katzenberg, the founder of Quibi, has decades of production experience. He has personally experienced the rise of the TV era. He also believes that mobile phones will bring great changes to TV. He wants to "reinvent TV" in Quibi. Therefore, he aimed at the fragmented time of the young people of Z generation and who could enjoy 10-minute Hollywood blockbuster shows on his or her mobile phones.