$1.75 billion raised. Dead in 6 months. Launched during lockdown.
Jeffrey Katzenberg and Meg Whitman raised $1.75 billion to build a mobile-only streaming service for "quick bites" of premium content. It launched in April 2020 — the exact month everyone was locked at home watching TV on big screens. Quibi peaked at 910,000 paying subscribers (against a target of 7.4 million) and shut down after exactly six months and 12 days. The content was fine. The thesis — that people would pay $5/month to watch shows only on phones in 10-minute chunks — was delusional.
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