Quibi, Barely A Quibi Old, Is Shutting Down

A "Quibi," a term that had been drilled into the skulls of the online populace over the past year or so, means a "quick-bite" of mobile television that lasts ten minutes. Quibi, the company that boldly attempted to revolutionize the streaming industry by delivering original, short-form video content to mobile phones, lasted 28,584 Quibis.

Today, founder Jeffrey Katzenberg called investors to tell him he was shutting the $1.75 billion venture down, just over six months after the company launched, according to The Wall Street Journal.

Quibi had been plagued with issues since its launch in April of 2020. The platform was conceived as a streaming service for mobile phones, which would, in theory, make it perfect for commuters on subways and cabs. However, the COVID-19 pandemic put a screeching halt to commuting, as Quibi's imagined clientele were instead stuck working from home and getting their entertainment on televisions.

Last month, the company looked into restructuring or perhaps even selling in order to make itself profitable. The news kicked off a load of schadenfreude, as Quibi drew mockery ever since it was first announced thanks to its name, core concept, and plethora of shows that many commenters noted sounded more like 30 Rock gags than actual pieces of entertainment.

News that Quibi was shutting down was met with much of the same reaction, as well as some fond farewells to one of 2020's most reliable punching bags.

Perhaps coincidentally, news of Quibi shutting down comes just as its CEO Meg Whitman is in the news for being a potential member of Joe Biden's presidential cabinet.