We hardly even knew you.
The rumors just won’t stop. Quibi appears to be circling the drain and many industry watchers say it is now only a matter of time until it all ends. It was only launched in April but the mobile only entertainment platform has been struggling.
Subscription numbers were absolutely terrible and while Quibi had $1.75 billion funding it has only 1.6 million users on its free 90 day trial. That trial ends soon and even if they stay, that user base is not big enough to sustain the platform.
This is especially true if it keeps throwing silly money at poorly chosen projects. The latest eye-rolling moment is that it apparently paid Reese Witherspoon $6m to provide the voiceover for Fierce Queens, a female centric nature documentary. This is one of the biggest flops on the platform.
Co-founder Jeffrey Katzenberg admitted the launch hasn’t gone as well as they hoped and pinned the blame on Coronavirus. Now senior executives are to take a 10% pay cut in an effort to avert staff lay-offs.
This has been done in response to a New York Post report claiming that a staff reduction was on the cards, also echoed by the Wall Street Journal. The Quibi app has fallen out of Apple’s Top 200 apps, and is currently hovering just outside the top 1000.