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A new streaming service in America called Quibi. The initiative comes from former Disney boss and Dreamworks founder Jeffrey Katzenberg and his business partner Meg Whitman. This name comes from Quick Bites, or video snacks. Quibi wanted to create very short programs of six to ten minutes, or chop up longer programs into similar pieces. In this way, people could "snack" on content on the go when, for example, they are on the streetcar or waiting somewhere.
Jeffrey Katzenberg and Meg Whitman raised 1.75 billion euros from investors. The app was developed specifically for mobile use and the programs were recorded so that they could be viewed specifically well on cell phones, both in landscape (horizontal) and portrait (vertical). Big names were brought in to produce the content, such as Steven Spielberg and Jennifer Lopez. These could attract people to the app. The plan was to start big, so it would either be a big hit or a big miss. Seven million customers were expected.
There was one program that won a prize, but that was the only one: the rest didn't really catch on. In the end, there were not seven million, but two million customers. This was also during the time when the first 90 days were free. Of the 1.75 billion euros that the investors put in, only 350 million remained after six months. Six months after the platform was founded, the plug has been pulled. The remaining money goes back to the investors and the staff is fired.
Two initiators wanted to establish a new streaming service specifically for mobile use on the go. The content consisted of short movies of six to ten minutes. 1.75 billion was raised from investors and big names were brought in for the production of the content. Yet the platform did not catch on with the public and the plug had to be pulled.
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