Things just haven't gone well for Quibi, the little streaming platform that couldn't. Founder Jeffrey Katzenberg is reportedly looking into potentially selling the service following a lackluster 6 months of generally low subscription numbers since its launch.
According to The Wall Street Journal, insider sources have suggested that Quibi is considering the sale, along with other options to deal with its relatively unsuccessful run. Aside from selling, they are reportedly looking into various forms of fundraising to stay afloat. It should be specified that these reports are currently unconfirmed, but given the rather widely known struggles Quibi has suffered throughout 2020, it wouldn't be terribly surprising to see an acknowledgement of the rumors in the near future.
Quibi's unorthodox mobile-focused approach to streaming baffled audiences everywhere when it launched in April of 2020, and while it has seen its share of modest successes, that feeling hasn't died down much in the months since release. With a pair of Emmy wins for its drama series #FreeRayshawn starring Laurence Fishburne, it seems that Quibi's problems aren't necessarily related to the quality of its content. But considering many readers' first time hearing of that show was likely when reading about it in the previous sentence, the service's marketing strategy may not be doing it any favors.
Its format for short, bite-sized episodes could be off-putting to viewers as well, since it can be rather jarring to see Hollywood-level production values squished into a YouTube-length video. With each episode clocking in at less than 10 minutes, Quibi's plan was to deliver the binging experience to those with tight schedules, like commuters. While the idea is intriguing to say the least, it's also such a radical shift that many potential viewers might be confused at first glance. In a time where many take comfort in the familiar and the nostalgic, this sort of service would have had to jump through a multitude of hoops to establish itself. The global pandemic that essentially called a halt to the activity Quibi was designed to complement certainly didn't help.
Then there's the notion that Quibi's videos are meant to be played on the viewer's phone. The app even plays different videos depending on whether the phone is horizontal or vertical. Obviously a service targeted at viewers on the go like this can't last long in its original form while large portions of the world's population are literally forced to stay home, so along with everything else, the struggling service has seemingly had to weather a perfect storm of unfortunate circumstances.
But Quibi isn't dead yet. As mentioned before, the higher-ups are reportedly looking into several options in order to keep running, and perhaps all it needs is time. This sort of new idea was never going to take hold right out of the gate. But maybe, given time to stew in the collective consciousness of the world's confined masses, it could finally find that niche it was looking for.
Source: The Wall Street Journal