According to a new report The Wall Street Journal, The short-form video streaming service Qibi will be discontinued in less than a year. The report said that Jeffrey Katzenberg, the founder of Quibi, had called to inform investors about the shutdown.
Notably, the shutdown comes just 24 hours after Quebec launched its Apple Pal TV app.
Qibi launched in April this year, but has failed to reach mainstream audiences despite raising 1.75 billion. The idea of the service was that the show would be split into short form “quick bytes” and formatted for viewing on an iPhone display in portrait or reentation.
Today’s report from The Wall Street Journal Says that in recent weeks Qibi has undergone a restructuring to keep “the value of its options”. The pay firm recommended a list of possible ideas in which the company is closed.
On Wednesday, Quibi founder Jeffrey Katzenberg told investors to tell them they were shutting down the service, some said.
In recent weeks, Qibi has hired a restructuring panel to evaluate its options, people said. The pay firm recommended options to the board of directors this week, a list that includes closing the company.
Information QB also reported today that it will communicate its plans to investors and employees, with a “very high probability” that the company will close.
Closing the Quebec is obviously not the first choice for Katzenberg. Media executives spent several weeks buying Qibi about potential sales to various companies. A report earlier this month said Qibi had also approached Acquisition Paul about an acquisition, but Eddie Q, senior vice president of Internet services, was not interested.
Just yesterday, Quebec released a new app for the Apple Pal TV. The release of the Itself Pal TV app was a perfect reminder that Qibi’s goal of becoming a smartphone-only service had failed.
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