Recently, I’ve been working on practicing gratitude. Every morning, I write three things down that I’m thankful for:
Quibi, the brainchild of former Dreamworks co-founder and Disney chairman Jeffrey Katzenberg and former Hewlett Packard CEO Meg Whitman, was promised to be the next big thing in video streaming. Designed specifically for smartphone consumption, Quibi provides users exclusive television and movie content packaged in five to ten minute segments, effectively called Quibis. These bite sized videos are supposed to be perfect for watching on the subway, during a bathroom break, or while waiting in line for a coffee. Another big selling point is the company’s proprietary ‘Turnstyle’ tech that adjusts the point of view of video and fills the screen regardless if it is being viewed in portrait or landscape mode. This means no more black bars on your screen. The app, which launched smack in the middle of the pandemic on April 6th, raised a mind-blowing $1.75 billion from a slew of high profile companies like Alibaba and numerous Hollywood studios who were attracted to the co-founder’s previous successes.
However, exclusive star-studded content and intuitive technology were not enough for users to change their viewing habits. By May, it had already fallen out of the Top 100 apps in the App Store. As of June, Quibi projected a total of 2 million signups by April 2021, a mere 30 percent of its initial 7.4 million user estimate. And now as of last week, it’s recently been reported that 90% of users cancelled their accounts after the three-month free trial expired. Trouble in paradise.
So where did Quibi go wrong?
These are only a few of the many reasons why Quibi hasn’t lived up to its potential. There’s still time to turn it around, but with a second wave of the virus impending, things aren’t looking too good. No matter which way you hold your phone.