Quibi might be shutting down after only six months

Quick bites of captivating entertainment, created for mobile by the best talent, designed to fit perfectly into any moment of your day. | Courtesy Quibi

Quibi — the short form video app — may not last too much longer.

Quibi — the short form video app streaming service — may be forced to shut down after six months, The Wall Street Journal reports.

• Quibi comes from founder Jeffrey Katzenberg and CEO Meg Whitman. The company raised $1.75 billion in capital when it debuted.

A restructuring firm has been hired to offer a list of options for the company’s future.

• One of the options include shutting down the company entirely.

Unnamed sources told Variety that Quibi will have internal meetings Wednesday to discuss the future of the project,

• The Information reported that Katzenberg “told people in the industry that he may have to shut down the company.”

More on Quibi

Quibi made its debut on Monday, April 6, joining the streaming services war. The shows were different than most since they were broken into smaller parts. So instead of an hour-long drama, the show could offer five, eight-minute episodes.

Shows that launched with the service include “I Promise,” which offered a look at LeBron James’ school for underprivileged students. “Chrissy Court” was a fun show like “Judge Judy” starring Chrissy Teigen. And there was even a reboot of “Punk’d.”

from Deseret News https://ift.tt/3mcH5QS