Quibi, the short-form mobile streaming service, may be a short-form company. Just five months since its launch, Quibi is exploring several “strategic options,” including a sale, the Wall Street Journal reported yesterday.
Since its US debut in April, Quibi seemed destined for such an ending. It badly missed subscriber and viewership targets and in June was on pace to sign up only 2 million paying subscribers by the end of the year (its goal was over 7 million). It was forced to manage reports of mass layoffs and rumors that its founder, Jeffrey Katzenberg, and its CEO, Meg Whitman, were not seeing eye to eye. And now it’s fighting a lawsuit filed by a video company alleging Quibi infringed on its patented technology (Quibi denies this).
Katzenberg blamed everything on the coronavirus.