By now, we all know that Quibi had a rough start and has struggled to attract and maintain subscribers since launching in April. Now, Quibi’s founders are exploring their strategic options for next steps.
The short form, mobile-first, streaming service lost 90% of users after an initial free trial, though a Quibi spokesperson said that number was incorrect. The company has raised $1.75 billion in funding, with a list of investors that include Disney, NBCUniversal, and WarnerMedia. While raising money hasn’t seemed to be an issue, Quibi’s founder Jeffrey Katzenberg has acknowledged that the pandemic had an impact on subscriber numbers.
With Quibi missing the mark on its subscriber goals, selling the service is one option, according to Wall Street Journal, the company is also reportedly looking into raising more funding and considering the idea of a merger with a special-purpose acquisition company.
In a statement shared by WSJ, a company spokesperson said Katzenberg and CEO Meg Whitman “are committed to continuing to build the business in the way that gives the greatest experience for customers, greatest value for shareholders and greatest opportunity for employees,” but did not comment on potential next steps.
If you’re wondering how long, in Quibi time, don’t worry – one reporter did the math and the answer is 34,560 Quibis.