Barely six month after Jeff Katzenberg / Meg Whitman-lead Quibi launched, the company announced it’s closing up shop. Confirming the details leaked from a call with investors, Quibi’s leaders said in a letter that the service’s lack of success is “Likely for one of two reasons: because the idea itself wasn’t strong enough to justify a standalone streaming service or because of our timing.” This is despite collecting some $1.75 billion in funding, and according to the Wall Street Journal, Katzenberg told investors about $350 million of that remains.
“As entrepreneurs our instinct is to always pivot, to leave no stone unturned — especially when there is some cash runway left — but we feel that we’ve exhausted all our options. As a result we have reluctantly come to the difficult decision to wind down the business, return cash to our shareholders, and say goodbye to our colleagues with grace. We want you to know we did not give up on this idea without a fight.”