Boy that was quick. After just launching earlier this year, the short-form steaming service Quibi looks set to shut down. According to the Wall Street Journal, the company will apparently cut its losses after failing to catch on with consumers.
Quibi, which was founded by Jeffrey Katzenberg, launched earlier this year providing short-form series featuring impressive talents in front and behind the camera. This included series such as Die Hart, featuring Kevin Hart and the new Fugitive with Kiefer Sutherland.
The closure of Quibi marks the first big casualty in the streaming marketplace, which is dominated by players such as Netflix and Disney+. Quibi attempted to differentiate itself from its competitors by focusing on the short-form concept producing bite-sized episodes of ten minutes long, which were favourable towards mobile viewing.
Unfortunately, despite that concept and its big stars, the platform failed to find an audience. As such the company has decided to wind down its operations. Quibi barely lasted a year, which is indeed a shock. It also proves that despite theatres being shut and fans in need of entertainment, the streaming marketplace may be a tad too crowded as it is.
Netflix, the world’s largest streaming service, is already facing competition from Disney+. In recent months, Apple TV+, HBO Max and Peacock have joined the fray as well competing for market share against the giants and players like Amazon Prime.
As far as Quibi goes, its short-form content can still find a place within the streaming sphere. Perhaps to further curb its losses, the exclusive content can be sold and repackaged by another streaming platform to utilise for the benefit of its subscribers.