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Home / Entertainment / Quibi’s downfall: How could a Netflix competitor with a market value of $1.75 billion collapse so quickly? | Television and Radio

Quibi’s downfall: How could a Netflix competitor with a market value of $1.75 billion collapse so quickly? | Television and Radio

nThree months ago, at the beginning of April, the $1.75 billion content trial was called Quibi, and its difficult and difficult promotional activities fell into full swing. The service provides a celebrity-themed tsunami, which is divided into “quick bites” (hence the name “qui-bi”) of 10 minutes or less – Joe Jonas blurted out The show, LeBron James̵

7;s I Promise School documentary, and Sophie Turner, the throne of the movie filmed with the game, survived the plane crash and reached your mobile phone. At the time, many of us wanted to know if Quibi could deliver on its central promise-to reshape the style of “snacks”-or when the huge funds and real talent were torn down when the world closed, it would become a costly mistake Shorthand.

This service is the creativity of Jeffrey Katzenberg, the co-founder of DreamWorks Animation, and Meg Whitman, the former CEO of HP – both deeply rooted in Hollywood and Billionaire of Silicon Valley institutions-“either a huge home run, or a large swing missed”, Strategy Analytics media analyst Michael Goodman told the Guardian. Given that since April There has been a series of bad news since the 6th release-missed the target, executives quit, Katzenberg only blamed the pandemic-and the sunset of the 90-day free trial, the number of users is hundreds of fewer than expected, so the scale seems Surely it will be vacillating. However, although it is still too early to announce the end of Quibi, it is still worth asking: Has the promise of a quick bite come to an end? What went wrong?

Since its release, Quibi has been hit by a series of disappointing news. According to the Wall Street Journal, the app started intricately, stood out among the top 50 most downloaded within a week of its release, and attracted only about 1.5 million active users by the end of May – compared with more than 50 million Subscribers dropped subscribers attracted Disney+ launched in December 2019 and 183 million subscribers worldwide (Quibi is only available in the US and Canada). Most of these users are in the free trial period of the service (end of the month) (Quibi subscriptions cost $4.99 per month for advertising, and $7.99 per month without ads). The company expects to attract only 2 million paying users by the end of this year, less than 30% of its first-year target of 7.4 million subscribers.

Much less than the expected subscriber base, which left a billion dollars in experimental funding short; The Wall Street Journal reported that Quibi is expected to spend $1 billion by the end of the third quarter of 2020, although it raised more money earlier this year 750 million US dollars, but by the second half of 2021, 200 million US dollars of new capital will be needed to keep floating. At the same time, Pepsi, Taco Bell, Anheuser-Busch, WalMart, etc. Tent advertising partners are seeking to renegotiate their business with Kibi because Kibi’s business has been hit by a pandemic, and Kibi’s ratings are not as good as promised.

Chrissy Teigen's decanter in Chrissy's court in Chrisbi.

Chrissy Teigen’s decanter in Chrissy’s court in Chrisbi. Photo: Kibi

At the same time, some unwelcome reports describe the internal conflicts behind the scenes. The Wall Street Journal details the long-term relationship between Katzenberg and Whitman. Its brand marketing chief Megan Imbres left in April – last year, Janice Min, the head of daily affairs, and Tim Connor, head of partnerships and advertising operations After Tim Connolly left, the executives left again. According to “Sixth Page” report, because of Kibe’s poor performance threatening layoffs, employees are said to be “enthusiastic” in Reese Witherspoon (Reese Witherspoon) salary of 6 million US dollars, used in the natural drama “violent A six-minute dubbing job is played in Querce Queens. (Witherspoon’s husband, Jim Toth, is the person in charge of talent and content acquisition for the company.) Quibi’s iconic “Turnstyle” technology allows content to flow from the portrait perspective to the landscape, and then seamlessly returns on the phone and is bundled with patent litigation . Have a strong hedge fund.

Although more than 50 original shows were released during the audition, the bad media filled in the gaps in the comment on Quibi’s actual content, and the company itself seemed to admit: “Hello everyone, we have a good show,” Kibi account Tweet With a positive story about the most dangerous game, the film starring Liam Hemsworth is divided into chapters – a service inherently lacks sharing capabilities (the app does not allow screenshots, excluding memes )’S taunting entry stifles the potentially good buzz.

Katzenberg blamed the Quebec struggle on the pandemic-to be fair, it did not help to launch a mobile-only service specifically designed for busy weekday interstitial ads, and it was marked with a celebrity name , In order to start their television during the isolation of Americans from the United States and burn with the development of celebrity culture. Daniel D’Addario, Variety’s chief television commentator, said it’s “falsehood” to attribute all of Kirby’s problems to the pandemic. Content celebrity strategy-Reese Witherspoon tells a place about cheetah female empowerment, named Fierce Queens, and Chrissy Teigen serves as Jessy Judy in the Relations Court ) – He was “very unsuitable for this moment”, but he told the Guardian, but “this form could have been a disaster all the time”.

Nominally, Quibi is committed to the new frontier of industrial TV: a short narrative-that is, a plot of 15 minutes or less-in the shortest and most extensive way. This concept is not entirely new to Hollywood-original Netflix works like “Special”, “Bond” and the sketch comedy series “I think you should leave”, and Nickin Hornby on Sundance TV The State of the Union Address (played every 15 minutes), and for a long time was the main viewer of YouTubers and creators with a limited budget (think Issa Rae’s Youtube mini-series “The Embarrassment of the Embarrassed Black Girl” , She is the predecessor of the HBO series “Insecurity”. But Kieby’s marketing efforts are no less than redefining the Hollywood company’s entertainment sector as “fast bite.” “Five years from now, we hope to return to this stage. If we succeed, it will be the movie era, the television era, and the Kibi era,” Katzenberg told the South by Southwest crowd in 2019. . “It’s Google to search, and Quibi will search for short movies.”

But in fact, Quibi’s content is more revolutionary than the concept of immature and lingering, and shocked the audience with sudden celebrities. Daddario said that the most important theme is “celebrity names, regardless of what they will do, which is interesting or novel.” D’Addario added that its blockbuster movies and unscripted products feel “undernourished” and have little marginal gain on free celebrity fares on Instagram, Twitter, YouTube or TikTok. Why pay for Quibi, when “If you want Chrissy Teigen content for snacks, the content that her social media offers you is not that clumsy, after a well-thought-out court setting.”

Liam Hemsworth in

Liam Hemsworth in “The Most Dangerous Game”. Photo: Kibi

There are many barriers built into this service, so the Quibi experience is definitely not new: first, it’s a mobile-only limitation, it can’t be viewed on a larger screen, and you can text, scroll, or perform multitasking while watching Our distracting content. Since many Americans isolate large screens at home and opt for growing streaming services (obviously Netflix and Hulu, as well as Disney+, Apple TV+ and the new HBO Max), the use of Quibi’s mobile-only devices particularly hinders this Popularization of services.

Quibi’s business model assumes that entertainment is endless until we die, but its authorized, short, mobile-only paid subscription includes consumers who are used to being crazy, constantly refreshing and expanding on-demand entertainment and phone entertainment All important choices. Free use of YouTube and TikTok. Goodman said: “We are in a world where viewers want to be able to control the content, time, place, and way they watch content, and Quibi has taken a lot of things from them.”

With the three-month trial period ending, can Quibi turn the ship around? Goodman said: “They understand that their decision to wear a hat is not what consumers want.” He pointed out that this service is sometimes high-quality content, so it is beneficial to it. D’Addario pointed out that Quibi’s more interesting and confectionery-free options – the cooking competition Dishmantled and the queer cultural competition Gayme Show hosted by Tituss Burgess – are an app with a promising future Creative, the easier it is to fall into trivial and relaxed entertainment, the less risk it has.

Ironically, Quibi’s salvation may be that it rejected its breakthrough: the new mobile-only short format service in the streaming war. Quibi has said it will abandon the mobile-only part because the company is negotiating with Amazon Fire and Roku to bring the app to the TV. Quibi can get rid of the rigidly prescribed 10-minute upper limit, so that the audience can split the program according to their own wishes, and provide more swing space for creators. This means that Quibi’s survival may not depend on becoming a new Netflix, but on becoming a Netflix – it may be difficult to accept services designed to be its own short-sighted verb service. Goodman said: “They understand that their decision to wear a hat is not what consumers want.” “This is not a pandemic problem, but a question: Do consumers want it?”

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