Quibi has had its moment in the sun. The service is shutting down after only being online for over six months.
Founder Jeffrey Katzenberg and Chief Executive Meg Whitman admitted defeat today.
“Our failure was not for lack of trying. We’ve considered and exhausted every option available to us,” said Katzenberg and Whitman in a statement. Katzenberg then suggested employees listen to the song Get Back Up Again from Trolls to help them deal with their disappointment.
Streaming shows in short chapters for people on the go Quibi attracted a lot of star power behind the platform but has struggled to find an audience for its “bite sized” programming.
Quibi launched on April 6th with two plans: $4.99 (with ads) or $7.99 (ad free).