Quibi May Already Be Up For Sale - Report
After launching in April, COVID-19 might be to blame for a rocky start for the streaming platform.
Quibi, the short-form mobile video streamer that launched back in April, is reportedly already exploring a sale. According to a Wall Street Journal report, "the company founded by Hollywood mogul Jeffrey Katzenberg [has been] struggling to sign up subscribers in a competitive online-video marketplace."
"Quibi has successfully launched a new business and pioneered a new form of storytelling and state-of-the-art platform," a Quibi spokesman said, adding that the company does not comment on rumor or speculation. "Jeffrey [is] committed to continuing to build the business in the way that gives the greatest experience for customers, greatest value for shareholders and greatest opportunity for employees."
However, founder Katzenberg and CEO Meg Whitman have cited COVID-19 as making Quibi's plan for high-production mobile video incompatible with current production realities. Earlier this year at Denver's SeriesFest--a Denver festival "dedicated to championing artists at the forefront of episodic storytelling"--Katzenberg reportedly described the pandemic as a "brick wall" the company hit.
Beyond an out-and-out sale, the Wall Street Journal also reports that Quibi is considering raising more money or going public through a merger.
If you're still fuzzy on or generally curious about Quibi's offerings, you can read our primer that we published back around its launch earlier this year.
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