“We’re not YouTube, Instagram, or Facebook. We fill a niche they don’t.'
LAS VEGAS – Somewhere on the digital-entertainment prism — between premium streaming services and free, quirky content on YouTube — Quibi Inc. hopes to occupy a crevice that until now has gone unclaimed.
Quibi offers short-form videos of 4 to 10 minutes on everything from long-form movies in the form of chapters to serialized shows and daily news reports. It’s collaborating with a stable of directors , A-list celebrities , and studios such as BBC, ESPN, and NBC News. In all, it will showcase 8,500 episodes in its first year. It intends to offer 3 hours of fresh content a day.
Content doesn’t come cheap. “Lighthouses,” the service’s premium videos, will cost about $100,000-per-minute to produce, on par with some of the most expensive shows on TV. Quibi’s other two content categories — “Quick Bites,” stand-alone episodes of reality and alternative programming, and “Daily Essentials,” sports and news coverage — aren’t as pricey.
Advertisers and investors see potential in short-form content because that’s where the eyeballs, particularly of coveted millennials demographic, are directed. Mobile-video viewing ballooned to 60 minutes a day in 2018 from just six in 2012, according to eMarketer. Whitman believes viewing times will accelerate as ultrafast 5G networks take hold.
Adds Bob O’Donnell, president of TECHnalysis Research: “The number of streaming service choices is going to get overwhelming for most consumers very quickly and that’s going to make it very difficult for smaller names like Quibi, especially if they don’t have known content.”
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