World News – CA – Quibi may have to close if buyer is not found: report

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October 21, 2020

Quibi, the short video streaming service launched with great fanfare in April, may have to shut down if no buyers are found, specialist news site The Information reported on Tuesday.

Quibi founder and former Disney CEO Jeffrey Katzenberg attempted to sell his catalog of programs to several companies, including NBCUniversal and Facebook, who both refused, the tech news website reported. / p>

Katzenberg « told people in the industry that he might have to shut down the business, » The Information said, citing a person who spoke to him

Quibi opened in the United States and Canada six months ago as the effects of the novel coronavirus pandemic began to manifest

Its aim was to shake up the video content industry by delivering original 10-minute Hollywood-quality shows delivered to smartphones and mobile devices.

Thanks to Kazenberg’s reputation and the billions of dollars promised, the project has convinced great personalities in film and television to produce films and series, including Steven Spielberg, Guillermo del Toro, Jennifer Lopez and Reese Witherspoon

According to The Information, Katzenberg has already contacted Eddy Cue, Apple vice president and WarnerMedia CEO Jason Kilar, as well as Facebook and NBCUniversal There was no interest, the site reported

The company was paying $ 100,000 a minute for feature films – a rate comparable to major productions from Netflix, Amazon, HBO Max or Disney, Quibi CEO Meg Whitman told AFP

Quibi also wanted to offer daily reports, sports and entertainment programs, content that is difficult to produce in the event of a pandemic blockade

Seeking to attract more customers, Quibi has increased its trial offer from two weeks to 90 days, while the price of the subscription – $ 5 per month with advertising or $ 8 without – is comparable to the Disney service.

Quibi would have counted on several million subscribers in April 2021, but six months after its launch, it has only a few hundred thousand, including those who have the service for free through their operator

Quibi did not immediately respond to an AFP call for questions

© 2020 AFP

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Jeffrey Katzenberg, Buyer, WarnerMedia, Meg Whitman