When is Quibi shutting down? Here is Chairman Katzenberg's statement

One of the most popular video streaming platforms and a favourite of many fans around the world, Quibi is going to shut down. The disheartening news for many has been confirmed by the official statement of the organisation quite recently. It was not long when the mobile-first streaming service platform was launched, but now, it seems the term has been served.

Video streaming platform Quibi is going to shut down

In the official statement by Quibi, the streaming platform is reportedly selling its assets. It was on April 6, 2020, when the organisation was launched and now it is going to shut down. The platform specialised in short video contents that are nearly five to 10-minute-long episodes.

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In an official statement, founder and board Chairman Jeffrey Katzenberg (former Disney executive) said: "Quibi was founded to create the next generation of storytelling. The world has changed dramatically since Quibi launched and our standalone business model is no longer viable."

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On the other hand, Quibi CEO Meg Whitman added: "While we have enough capital to continue operating for a significant period of time, we made the difficult decision to wind down the business, return cash to our shareholders and say goodbye to our talented colleagues with grace." 

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What went wrong with Quibi?

There has always been tough competition for Quibi in the market. The organisation seemed to have challenged several established and major streaming service platforms like Netflix, Amazon Prime and more. However, the direct competition for short video content was also tight with YouTube, TikTok and other apps flourishing the market. On the other hand, due to the pandemic, it was hard for Quibi to stand tall with the existing social limits.

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When is Quibi shutting down?

The Quibi shutting down date is not quite clear, however, the official announcement has been made. The organisation is selling its assets, and it is expected to soon declare a final date to its subscribers. The organisation, in such a short time, was able to provide many significant contents with two Emmy award wins.

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