What you need to know
- Quibi has announced that its streaming service is shutting down.
- The company is returning as much capital to investors as possible rather than to continue.
- Employees of the company will be laid off and paid a severence.
Reported by The Wall Street Journal, Quibi has announced that it is shutting down after trying to break into the streaming market for six months. The service, which created shows broken out into bite-sized episodes and allowed you to watch either horizontally or vertically on your smartphone, struggled to get any traction in subscribers.
Thankfully, employees who jumped on board the company will be paid severence, and the content that Quibi has produced will look to be sold to other media companies.
Katzenberg and Whitman believe that Qubi's failure was due to either an inability to justify it as a standalone streaming service or the pandemic.
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Joe Wituschek is a Contributor at iMore. With over ten years in the technology industry, one of them being at Apple, Joe now covers the company for the website. In addition to covering breaking news, Joe also writes editorials and reviews for a range of products. He fell in love with Apple products when he got an iPod nano for Christmas almost twenty years ago. Despite being considered a "heavy" user, he has always preferred the consumer-focused products like the MacBook Air, iPad mini, and iPhone 13 mini. He will fight to the death to keep a mini iPhone in the lineup. In his free time, Joe enjoys video games, movies, photography, running, and basically everything outdoors.