Quibi Will Shut Down

The short-form streaming service Quibi will shut down, according to official reports from creators Jeffrey Katzenberg and Meg Whitman.

According to Deadline, Quibi required almost 2 billion dollars in start-up money.

the mobile streaming service launched amid great fanfare and nearly $2 billion in start-up capital by Jeffrey Katzenberg and Meg Whitman, is officially shutting down.

Katzenberg and Whitman wrote, "Quibi was a big idea and there was no one who wanted to make a success of it more than we did. Our failure was not for lack of trying; we've considered and exhausted every option available to us."

The platform launched in April.

"Quibi was founded to create the next generation of storytelling," Katzenberg said in a press release. "We have assembled a world-class creative and engineering team that has created an original platform fueled by groundbreaking technology and IP, enabling consumers to view premium content in a whole new way. The world has changed dramatically since Quibi launched and our standalone business model is no longer viable. I am deeply grateful to our employees, investors, talent, studio partners and advertisers for their partnership in bringing Quibi to millions of mobile devices."

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