Benjamin Mullin and Joe Flint, Wall Street Journal:
Quibi Holdings LLC is shutting itself down, according to people familiar with the matter, a crash landing for a once-highflying entertainment startup that raised $1.75 billion in capital.
One of Quibi’s big selling points was its library of shows that could only be watched on users’ mobile phones. That feature proved to be a liability when the pandemic struck, sending viewers into their homes to watch shows on TV. Quibi eventually allowed subscribers to watch its shows on their TVs.
Today, is the end of that sentence. Literally today is the date when Quibi added television apps.
Quibi was founded in August 2018 and launched on April 6 of this year. Not even two hundred days later, the Journal is reporting that it is shutting down. Even if you count from the company’s founding, that has got to be some sort of record for burning through nearly two billion dollars and having nothing to show for it.