Quibi, the beleaguered short-form content company started by Jeffrey Katzenberg and Meg Whitman, announced on Wednesday that it was shutting down just six months after the app became available. The mobile streaming service offered entertainment and news programs in five- to 10-minute chunks intended to be watched on phones by people on the go, but it struggled to find an audience with everyone stuck inside their homes during the pandemic.Despite raising a combined $1.75 billion in cash from each of the Hollywood studios, the Chinese e-commerce giant Alibaba and other investors, Quibi will wind down its operations and begin selling off its assets. It had searched for a buyer for the company but found no takers.
Source: Quibi, Short-Form Streaming Service, Quickly Shuts Down – The New York Times
