Quibi, a day after asserting it would shut down lower than seven months after launching, instructed clients Thursday that it expects to close off the streaming service “on or about” Dec. 1.
The corporate, led by founder and ex-movie mogul Jeffrey Katzenberg and CEO Meg Whitman, additionally mentioned it doesn’t know what’s going to occur to the handfuls of unique reveals on Quibi, which it has licensed from a variety of A-list Hollywood expertise and media corporations.
“At the moment we have no idea if the Quibi content material might be out there anyplace after our final day of service,” the L.A.-based startup mentioned in a message on its customer-support web site. The message added, “We suggest following #Quibi on Twitter for any information relating to content material.”
As of Thursday afternoon, the Quibi app was nonetheless prompting first-time downloaders to create an account (with a 14-day free trial) and asking returning customers to subscribe for $4.99 per thirty days with advertisements or $7.99 with out advertisements — with no apparent discover that the service will quickly be going darkish.
Quibi’s companions had no advance warning about its shutdown, and lots of are scrambling to search out new properties for his or her productions. CBS Studios, for one, intends to buy the Liam Hemsworth and Christoph Waltz dystopian motion sequence “Most Harmful Sport” (which garnered two short-form Emmy nominations) to different shops. Quibi had renewed it for a second season previous to folding.
On Wednesday, Quibi — which had banked $1.75 billion in funding — introduced that its board had determined to wind down operations and try to promote its content material and know-how property.
“Quibi has made the tough resolution to wind down. We anticipate that the service will finish streaming on or about December 1, 2020,” the corporate mentioned within the help-site article, titled “Quibi Finish of Life Announcement.”
“We admire the assist now we have acquired from our clients and wish to thanks for giving us a possibility to entertain you,” the corporate continued, including that clients (for now) can nonetheless entry buyer assist at [email protected]
Katzenberg, in an announcement yesterday, admitted that “our standalone enterprise mannequin is not viable” whereas additionally saying “the world has modified dramatically since Quibi launched” on April 6 — revealing that he nonetheless finally blames the COVID pandemic for his brainchild’s failure to take off.
Quibi mentioned remaining money readily available might be returned to buyers, which embrace Disney, WarnerMedia, NBCUniversal, Sony Footage Leisure and ViacomCBS.