The Mobile Streaming Service That Failed
Today we are here to talk about streaming platforms, but probably not the one(s) that automatically come to mind. With streaming services and platforms taking over, this new technology is leaving cable and TV providers in the dust. However, just because you create a mobile streaming service, doesn’t mean it will be successful. We decided to take a closer look into one of the newer streaming platforms made with the intention of being practical, quick, and of easy use – but ultimately, failed.
At last Quibi was founded and had great intentions! However, what seemed to be the next big thing in streaming turned out to be a huge failure. Do you find yourself asking “What is Quibi?” Keep reading to learn more.
Quibi is, or rather, was, a short form streaming platform with content made specifically for mobile devices, which launched in April of this year. With the idea of being the next generation of storytelling, Quibi created a new form of mobile-first premium storytelling.
With big plans for their first year, Quibi had quite the hype. The platform was to release 175 original shows, with big names backing them up, such as Steven Spilberg, Chrissy Tiegen, Guilhermo Del Toro, Catherine Hendricks, and Bill Murray, to name a few.
Their intention was clear with their tagline, as well: “Big Bites. Quick Stories.” The streaming platform bet on making quick entertainment with the belief that all we need is a few minutes to be entertained, informed, and inspired.
On that note, they weren’t wrong. With attention spans decreasing, Quibi seemed like a great idea for quick and easy content, in order to capture the audience's attention in short spans of 10 minutes. But why was it that six months into the business, Quibi called it quits and has now decided to sell its content and technology assets?
For starters, when it came to downloading the app, Quibi only had 4.5 million downloads. Out of those downloads, one million signed up for the 90-day free trial, but what’s interesting from these numbers is that only eight percent (approximately 72,000 subscribers) transitioned from the free trial to paid users.
More so, Quibi was designed as an on-the-go app for short form entertainment that was, unfortunately, launched at the wrong time, right when the pandemic began and people were at home more than ever.
A few other factors to be acknowledged for the downfall of Quibi were: poor marketing (people still to this day don’t know what Quibi actually is), mediocre content, and the cost.
Additionally, Founder Jeffrey Katzenberg and CEO Meg Whitman believe that Quibi didn’t succeed because the idea itself wasn’t strong enough to justify a standalone streaming service and because of timing, due to the circumstances of launching a business during a pandemic.
With the business not going as well as planned, and the exhaustion of failed attempts to build on the company, it ultimately resulted in the demise of the business.
In the end, Quibi was far from successful, but it was a great learning experience, especially for small startups and entrepreneurs. Statistics show people still prefer to watch streaming platforms on a television, rather than on mobile devices.
DID YOU KNOW?
Netflix is the number one streaming platform in the world, with over 183 million subscribers. Right behind them comes Amazon Prime Video, with over 150 million subscribers.
Have you ever used Quibi and what’s your prefered streaming platform? Let us know in the comments below.