The Little Quibi That Could: Quibi Hits 1.7 Million Downloads in the First Week
Jeffrey Katzenberg's new service Quibi looks to compete against TikTok, Snapchat, and YouTube. Not to mention anything else that is a streaming service.
Quibi has reached 1.7 million downloads in week one. The service was meant to be for content to view on the go but instead, everyone is viewing the content at home due to COVID-19.
Quibi has a 90-day free trial, and then tier pricing of $5 with ads or $8 without ads. According to Quibi CEO Meg Whitman the number of downloads exceeded their expectations.
Quibi is relying on original programming. Jeffrey Katzenberg, Quibi's founder, even mentioned that the service wouldn't be a rocket ship similar to his former employer's service Disney+.
Quibi has raised over$2 billion in funding. Quibi also secured $150 million in advertising revenue pre-launch. They have a prominent list of investors that helped them reach that billion number like Disney, NBCUniversal, Sony Pictures Entertainment, Viacom, AT&T’s WarnerMedia, Lionsgate, MGM, ITV, Entertainment One (Hasbro), Alibaba Group, Goldman Sachs, JPMorgan, and John Malone’s Liberty Global.
Quibi's focus is on mobile-only content that is quick bites with big stories. Although chatter is going around that Quibi could be coming to TV's soon.
What are your thoughts on Quibi? Let us know!