For $8 a month, or $5 with ads, the mobile-only streaming service plans to, which it calls „quibis“ – short for „quick bites.“ Quibi also debuted its „Turnstyle“ format earlier this year, which allows videos to seamlessly flip between landscape and portrait mode as users rotate their phones.
Quibi was founded by the seasoned tech executive Meg Whitman and the longtime Hollywood producer Jeffrey Katzenberg, who have helped the startup raise a massive amount of money from investors, including a recent $400 million round. Much like Hulu, Quibi plans to make money from both subscriptions and ads, rather than owning the rights to its content like Netflix or Amazon. Whitman told Variety last year that the company had already. Quibi is „indifferent“ between subscriptions and ads, Whitman told Business Insider’s Ashley Rodriguez in an interview, adding that „we’ll see what the consumers want, and we’ll follow their lead.
Consumers continue to spend more money on streaming-video services, but Quibi will be entering a competitive market that includes major established players such as Netflix, Amazon, and Hulu as well as the newcomers Disney and Apple, which launched their services last year. WarnerMedia plans to launch HBO Max, and NBCUniversal is expected to roll out Peacock in 2020 as well, crowding the field even further.
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