Smartphone-Focused Streaming Service Quibi Calls It Quits

Danny Vena, The Motley Fool
·2-min read
Smartphone-Focused Streaming Service Quibi Calls It Quits
Smartphone-Focused Streaming Service Quibi Calls It Quits

Just six months after going live, Quibi, the streaming video service co-founded by Hollywood icon Jeffrey Katzenberg, is going dark. Unfortunately, Quibi didn't provide a TV app while customers were trapped at home due to the pandemic, and it never gained traction. As a result of Katzenberg's pedigree, (he co-founded DreamWorks animation), Quibi also attracted big-name advertisers, including Walmart, Anheuser-Busch InBev, and PepsiCo, which committed to roughly $150 million in ad revenue even as the company prepared its debut.