Inside Quibi's Abrupt Shutdown: 'This Is Not How They Wanted It to Go'

On Wednesday afternoon, Jeffrey Katzenberg donned a suit and tie and joined an emotional video conference with the staff of Quibi from his Bel Air home.

Though Katzenberg, 69, and Whitman, 64, have been the faces of the company, most of its employees are several decades younger. As of March, the average age of a Quibi employee was 30, a spokeswoman toldat the time. The duo also recruited a workforce that was more diverse than many entertainment firms, with more than 46 percent of employees identifying as people of color.

Over its two-year lifespan, Quibi made more than 100 shows with some of the biggest names in Hollywood, including Steven Soderbergh, Kevin Hart and Antoine Fuqua. Quibi quickly earned a reputation as a creative playground for its young executives, who would likely be several levels removed from the decision-making process inside a more traditional TV network or movie studio.

Even in September, as reports began to swirl that Katzenberg and Whitman were exploring strategic options, including a sale, employees continued to operate as though it was business as usual, say several people with ties to Quibi. The only sign that something was afoot, according to two of those sources, was that Katzenberg — usually easily reached by phone or email — was less available than normal, which was not uncommon when he was out fundraising.

Oh really?🤪

EVERYONE knew it was garbage from the start except for J.K. Fact

There were only 2 successful strategies: grift harder and find more investment suckers, or treat it like a real company and hire experts

No sh!t?

I mean... this is not how anyone wants to go

I feel for the employees. Hope they manage to land on their feet.

You don't say?

Ya, no shit

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Quibi Sets Shutdown DateThe mobile-first video service announced Wednesday that it would be ceasing operations after failing to gain traction with subscribers. Take a victory lap profgalloway Well, I finally understand what Quibi was meant to be. The premise of some shows had potential. The issue is with only 6 minute episodes, they’re done before you can get invested
Source: THR - 🏆 411. / 53 Read more »

Quibi, Short-Form Streaming Service, Shutting DownQuibi, the mobile-first streaming service with 5- to 10-minute episodes, is shutting down just 6 months after launching. It failed to attract users with a galvanizing hit show. lol They should have let us see the stuff on other screens also. I looked for a thing they had, but I could not watch. This is a good lesson.
Source: NPR - 🏆 96. / 63 Read more »

Short-video app Quibi shutting down just months after launchShort-video app Quibi raised $1.75 billion from investors, but is shutting down just six months after launch. The platform designed for cellphones had been a favorite of investors hoping to challenge Netflix, but struggled to find customers. Turns out attention spans aren’t that short. Buncha billionaires going to write this off their taxes and pay $750 for the year, aren't they... Is that Meg Whitman?
Source: AP - 🏆 728. / 51 Read more »

Short-form video app Quibi is shutting down after just six monthsQuibi, an app that staked its future on short videos, is shutting down just six months after it launched TikTok really shitting on other apps lmao But I haven’t seen Princess Bride yet!!!!
Source: CNN - 🏆 4. / 95 Read more »

Quibi is calling it quitsThe video-streaming service for mobile devices bet $1.75 billion on the notion it could transform entertainment with short, Hollywood-quality clips to watch... Actually liked it, perfect break time when working from home 🏠 Zing. First time hearing about them honestly
Source: MarketWatch - 🏆 3. / 97 Read more »