Source: Quibi
What you need to know
- The short-lived streaming app, Quibi, is officially shutting down "on or about" December 1, 2020.
- Quibi's partner production studios were not given advance notices regarding the shutdown.
- The company remains unclear whether or not exclusive Quibi content will go to other streaming services.
After a short, unsuccessful attempt at being a premium mobile-first streaming service, Quibi announced that they're shutting down in just 6 months post-launch. According to a new report by Variety, Quibi told subscribers that its officially killing the service "on or about" December 1, 2020.
To many, Quibi's death may not come off as a surprise — the service has not necessarily taken off in the public discourse. Based on one estimate cited by The Verge, Quibi reportedly lost about 90 percent of its 910,000 subscribers after the initial 3-month free trial ended.
However, news of Quibi's shutdown may have come as a shock to its content partners, including acclaimed directors, writers, and production studios, who apparently were not given advanced notices regarding the closure. Quibi's sudden death has apparently left these partners scrambling as they desperately attempt to sell their brand-new exclusive shows to other streaming services.
Quibi's founder Jeffrey Katzenberg and CEO Meg Whitman have neither confirmed nor denied what would happen to all the original content once the service officially shuts down.
While the lack of confirmation casts doubt on whether or not the exclusive shows will continue elsewhere, one Quibi partner, CBS Studios, has notably been shopping their Emmy-nominated action series, Most Dangerous Game, to other services.
According to a report from the Wall Street Journal, Quibi approximately raised $1.7 billion in funding over its lifetime and invested over a billion into its own exclusive content. The company has confirmed that the remaining funds — to the tune of $375 million — will be returned to investors, which include big players like Disney, WarnerMedia, and Sony Pictures Entertainment.
If you're bummed about the end of Quibi, or if you're just interested in watching some good shows, make sure you take advantage of the best streaming service free trials in 2020.
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