Quibi blows 2 Billion...finally shutting down

That's 2 Billion in less than a year. At what point do the Board of Directors and allegedly savvy investors recognize many of the 'geniuses' in entertainment are actually not geniuses. At all.

Hollywood-Backed Quibi Headed For Shutdown After Squandering Nearly $2BN In 6 Months

 

Quibi Shutdown: Jeffrey Katzenberg & Meg Whitman Exclu Q&A On Closing Up – Deadline

 

Meg Whitman's did a great job with WebOS and running for governor and president - how did this go bad?

And Jeff, you stink too

 

Never heard of it. Lol.

 

It was a bad idea to make Quibi exclusive to a certain platform (mobile) from the get-go regardless of whether the pandemic happened or not. If you heard the pitch on Shark Tank, the viewer would be laughing at anyone willing to invest.

 

Always sounded like a stupid app, even before stay-at-home. I'm still a bit surprised it didn't even last a year, though.

 

Whatever you do, make sure your app rhymes with, "dweeby".
...because "Enron" is just too on-point.

 

Wait - I got another one...

I understand the larger programming services are storming the office, offering to buy their properties.
Why, just this morning Netflix offered them $75 for the cappuccino machine...

 

Give me 2 billion and I guarantee you I'll make at least a dollar.




Dan

 

Quibi, what a **** name. They probably paid an agency millions of dollars to come up with it and all they did was check the folder called "Internet Names We Came Up With In the Late 90s" on their network and picked one at random.

 

Dito

 

Quibi originally projected it would have more than 7 million subscribers after its first year, but it only had about 500,000 subscribers as of a few weeks ago.

 

Meg only knows how to burn down existing companies, not build new ones. I'm sure she got a payday out of it one way or another. She always does.

 

Quibi chairman reportedly looked into selling its content library

Quibi shuts down: Why the $1.75 billion streaming app failed

As Quibi Shutters, So Goes Nearly $2 Billion in Hollywood Investments - Variety

Quibi Bites the Dust

In defense of Quibi

 

Hello Hollywood? The same concept could have been launched as a youtube channel for a fraction of 2 Bil.

they should edit that last interview with Meg and Jeff into short comedic nuggets as the 'Last Quibi'

 

You win some, you lose some.....welcome to the world of business.

 

That's how the system was set up. If you fail you get the boot and a pay out. It's the same system that was in place when I was in University back in the early 90's.

As my professor said, the best way to make a lot money is to get to the top and then fail, repeatedly.

 

Never, ever work for a start up. 99% of startups fail. Contract with a startup. And when they shove an NDA in your face tear it up.

 

Don't forget, Katzenberg said that Dreamworks Animation would make a fortune when all their films were released in 3D. Here's what he said in 2010...

DreamWorks Animation's Katzenberg on 3D Growth

and then after it all crashed and burned in 2016...

Jeffrey Katzenberg Talks About Cinema's Future at Barcelona's CineEurope - Variety

In fairness to him, he had a lot of success for 20 years before Dreamworks Animation finally ran out of steam and got sold to Universal. But I have no doubt he's crushed on several levels: I think Jeffrey saw Quibi as a way to reinvent himself and sell an entirely new idea to the entertainment business, a long way from his beginnings at Paramount and Disney. I said from day one I thought Quibi was a terrible idea -- chop up movies into bite-size 10-minute chunks intended to be watched on smartphones and other portable devices -- but I figured, "eh, I'm not the intended audience, so maybe the under-30 crowd will like it." Nope, they didn't buy it either.

I'm wondering if the Quibi headquarters building over on Seward Street near my office -- it's a really fabulous building -- will have a fire sale and I can get some nice fancy chairs and monitors and stuff...

 

I never checked it out, but apparently they had one distinguishing factor - a technology that allowed them to re-frame the video, allowing the viewer to see it in either horizontal or vertical mode. Apparently that's their most valuable piece of "intellectual property."

One of the tech writers I follow calculated their cost of acquiring each user at $24,000 per.

That's not actually that bad.

I was one of the 1,000 customers that Sprint managed to acquire for their Ion product.

They spent a billion dollars building an advanced XDSL network to deliver one megabit down and eight megabits up.

1 billion divided by 1 thousand is 1 million dollars per customer.

I appreciated having a very fast connection for the time... but all things being equal, I would have rather they had just given me the million dollars.

 

I suppose it's too late to renegotiate...?

 

This was geared towards Gen Z customers and, as with any new product or service aimed at younger consumers, business beware. Regardless of how old any of us are now, we were all fickle and unpredictable at that age, and the promoters should have known better.

 

I should have asked before they sold out to T-Mobile.

 

This morning I read an article on this topic that pointed out, correctly, I think, that the kids today prefer to watch 30-second snippets of video on TikTok and YouTube and probably other apps I’m not familiar with. You could argue that what you and I dismiss as “bite-size 10 minute chunks” of more traditional movies in fact exceeded the attention span of the supposed target market.