The service will stop working on December 1, 2020.
Quibi, the short-form video service focussed on mobile devices, is officially shutting down six months after going live. The service will stop working on December 1, 2020.
Quibi co-founder Jeffrey Katzenberg told CNBC the company is trying to find buyers for its shows.
The platform was launched earlier this year on April 6 in the middle of the Cvodid-19 pandemic with 50 shows at launch and 125 more slated to roll out this year. Quibi had also introduced the ‘Turnstyle’ technology for its users.
Despite the fact that Quibi raised around $1.8bn, according to Crunchbase, and was backed by major players including NBCUniversal, WarnerMedia, Lionsgate, and ITV, the platform struggled to rope in paid subscribers over the months.
“Quibi has made the difficult decision to wind down. We anticipate that the service will end streaming on or about December 1, 2020. We appreciate the support we have received from our customers and want to thank you for giving us an opportunity to entertain you,” the OTT platform said in a company blog post.