*(Via UrbanHolywood411.com) – Quibi, the shortform mobile-focused streaming service, is going bust just six months after it launched.
The Wall Street Journal broke the news Wednesday. A short time later, Quibi founders Jeffrey Katzenberg and Meg Whitman confirmed in a Medium post that the platform would be going out of business.
“It is with an incredibly heavy heart that today we are announcing that we are winding down the business and looking to sell its content and technology assets,” Katzenberg and Whitman wrote in their open letter to employees, investors, and partners.
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Quibi, short for quick bites, launched in April at the height of the COVID-19 pandemic. The streamer offered a free trial, with subscriptions costing $4.99 with ads or $7.99 without ads.
The platform was filled more than 100 original programs, including #FreeRayshawn [shown above]. The drama starring Laurence Fishburne, Stephan James and Jasmine Cephas just won two Emmy Awards.
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