Mobile research firm Sensor Tower estimates 9.6 million installations of Quibi's mobile app since its launch, but that doesn't mean those are actually users. Despite securing almost $2 billion in funding from Hollywood companies including Disney and NBCUniversal, the service failed to catch on. © 2020 CBS Interactive Inc. All Rights Reserved. “We’re competing against free,” Katzenberg told The Verge in January. newsletter. Quibi shutting down six months after its billion-dollar debut, Trump has 87% chance of reelection, stock market guru says, Judge blocks Trump plan to cut food stamps for 700,000 adults. Battleground Tracker: Biden leads in Wisconsin, has edge in Arizona, A behind-the-scenes look at how mail-in ballots are processed. That brings the total investment in an app hardly anyone’s seen to $1.75 billion. We and our partners will store and/or access information on your device through the use of cookies and similar technologies, to display personalised ads and content, for ad and content measurement, audience insights and product development. There was a short version of "60 Minutes" and reality shows. The Associated Press contributed to this report. Election Day could turn into "Election Week" with rise in mail ballots, California's reopening rules for theme parks. And $400 million of that $750 million was raised at the end of 2019, the Journal reports. One of the most successful new services, Disney Plus, has more than 60 million subscribers. But short videos abound on the internet, and the coronavirus pandemic kept many people at home. With more mail-in ballots, officials urge patience on election night, Americans and the right to vote: Why it's not easy for everyone, Why some mail-in ballots are rejected and how to make sure your vote counts. late ‘80s and early ‘90s under then CEO Michael Eisner. "Now, how much of this was impacted by COVID will always be unknown.". ("60 Minutes" is a property of CBS News parent ViacomCBS.) Quibi said it is shutting down just six months after the early April launch of the short-video app, having struggled to find customers. Katzenberg's connections helped line up stars to make and star in its videos, including Reese Witherspoon, Steven Spielberg and Jennifer Lopez. Be in the know. “This is hope, his great hope: that somewhere in [Quibi’s library] there is going to be a giant hit,” Diller said. Legal Statement. Powered and implemented by FactSet. Katzenberg sees it as competing with apps that take up time on your phone for free — Instagram, YouTube and, increasingly, TikTok. What happens if the president doesn't accept the election results? How do I vote in my state in the 2020 election? The company is gambling on its signature Turnstyle tech, which changes the point-of-view when a phone switches from landscape to portrait mode. Quibi doesn't release subscriber figures. "Quibi is not succeeding," its top executives bluntly declared in a letter posted online. Get the latest breaking news delivered straight to your inbox. Video streaming service Quibi, which will debut next month, has raised another $750 million in funding, according to the Wall Street Journal. The video platform — short for "quick bites" and designed for people out and about to watch short videos on their phones — was one of a slew of new streaming services to challenge Netflix over the past few years, most of which were part of much bigger tech and entertainment companies, like Apple and Disney. It’s a sign that investors are feeling confident about Quibi’s chances of succeeding in a quickly-growing space — and that confidence may have to do with founder Jeffrey Katzenberg. What is ballot harvesting — and should you hand your ballot to a stranger? If Disney wants to sell you Star Wars, Quibi wants to sell subscribers the idea of high quality, premium series and films split into chunks no longer than 10 minutes in length. Barry Diller, who was once Katzenberg’s boss at Paramount, co-founded the Fox Broadcasting Company, and is currently chairman of IAC, told NBC News today that Quibi is “a giant and gutsy speculation.” Diller added that “most people when they hear it aren’t overwhelmed by the idea, which makes it all the gutsier.” Still, Diller noted that Katzenberg is going all in on the idea, and that’s where much of the hype comes from: Katzenberg helped turn Disney animation around in the late ‘80s and early ‘90s under then CEO Michael Eisner. Netflix has had a blockbuster year. Other streaming services have benefited from having customers stuck at home during the pandemic. People who have seen shows have seen them pre-loaded on a device, meaning they haven’t had a chance to play with the app. One of its investors is Viacom, the entertainment company that merged with CBS in December to form ViacomCBS, the parent of CBS Interactive and CBS News. The company said Wednesday that it would wind down its operations, and plans to sell its assets. What's the status of a second $1,200 stimulus check? Quibi, the well-funded short video app that billed itself as Hollywood's answer to TikTok and YouTube, is shutting down just seven months after launching to the public.

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