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. The platform delivered 5- to 10-minute snippets of video specifically formatted for smartphone screens. The service sought to create a new category of short-form entertainment for the mobile era, but unfortunately, things didn't work out quite as planned.

Quibi launched back in April with two tiers, an ad-supported plan for $4.99 per month, or an ad-free plan for $7.99. The service sought to differentiate itself from the competition by featuring programming that was filmed in both portrait and landscape, allowing viewers to choose their preference. Unfortunately, Quibi didn't provide a TV app while customers were trapped at home due to the pandemic, and it never gained traction.

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Source Fool.com