(News) Quibi Streaming Service is Shutting Down After 6 Months

Six months after its debut, streaming service Quibi is shutting down. Quibi offers shows in less than ten-minute episodes. CEO Jeffrey Katzenberg raised $1 billion, promising investors that its April debut would change how the world watched TV. You know what else debuted in April? The pandemic. Out of work and cash strapped, people couldn’t justify spending $5 on ANOTHER streaming app. In June, around 2 million people were subscribing to Quibi, well short of the projected 7 million. Katzenberg wrote in an open letter this week that two things killed Quibi; the pandemic and an idea that couldn’t support a stand-alone streaming service.