History of Quibi in Timeline
Quibi was an American short-form streaming platform designed for mobile devices. Founded in Los Angeles in August 2018 by Jeffrey Katzenberg and led by CEO Meg Whitman, it raised $1.75 billion from investors. Despite this, Quibi launched in April 2020 and shut down by December 2020 due to low subscriber numbers. In January 2021, its content library was sold to Roku, Inc. for less than $100 million. The platform's concepts and its rapid failure became subjects of widespread mockery.
2009: Eko's Patent Filing
Eko, an interactive video developer, filed for a patent on its technology in 2009. This patent would later become central to the lawsuit filed against Quibi.
August 2018: Quibi Founded
Jeffrey Katzenberg founded Quibi, initially named NewTV, in August 2018. The platform aimed to provide short-form streaming content for mobile devices.
August 2018: Quibi's Founding and Leadership
Quibi was founded in August 2018 by Jeffrey Katzenberg, with Meg Whitman as CEO. The platform was initially named NewTV.
October 2018: Name Change and Target Audience
In October 2018, NewTV was renamed Quibi, short for "quick bites." The service aimed to target a younger demographic with its short-form content.
July 8, 2019: BBC Studios Invests in Quibi
On July 8, 2019, BBC Studios announced its investment in Quibi, further bolstering the platform's financial backing.
March 9, 2020: Quibi Sued by Eko
Interactive video developer Eko filed a lawsuit against Quibi on March 9, 2020, accusing the streaming platform of stealing proprietary technology. Eko claimed that Quibi used its technology without permission after it was demonstrated to Quibi employees, including Katzenberg.
March 2020: Quibi's Partnership with Bell Media
In March 2020, Quibi announced its partnership with Bell Media in Canada. This partnership enabled Bell Media to produce Canadian news and sports content for Quibi, and made Bell Mobility the platform's exclusive telecom marketing partner in Canada.
April 6, 2020: Quibi's Launch and Initial Downloads
Quibi launched on April 6, 2020, and was met with considerable interest, achieving 300,000 downloads on its launch day and reaching the No. 3 spot on the App Store.
April 2020: Quibi's Planned Launch and Pricing
In 2019, Quibi announced its launch date for April 2020 and revealed its two-tiered pricing strategy. The platform also secured $150 million by selling its first-year advertising inventory.
May 3, 2020: Elliott Management Funds Eko's Lawsuit
Elliott Management announced on May 3, 2020, that it would financially back Eko's lawsuit against Quibi. In exchange for its support, Elliott Management received equity in Eko.
July 2020: Quibi's Subscriber Numbers and Funding
By July 2020, Quibi had fallen significantly short of its subscriber projections, with reports indicating only a small percentage of users converting to paid subscriptions. Despite this, the company managed to raise an additional $750 million in funding.
July 2020: Quibi Receives 10 Emmy Nominations
Quibi was nominated for 10 Emmy Awards in July 2020, showcasing the quality of its original programming despite the platform's struggles.
September 2020: Quibi Seeks Acquisition
Facing financial challenges, Quibi began seeking a potential buyer in September 2020. Other options considered included raising additional funds or going public through a shell corporation. At this time, Quibi had $200 million in available funds.
September 20, 2020: Quibi's "#FreeRayshawn" Wins Two Emmy Awards
Despite its short run, Quibi's series "#FreeRayshawn" received critical acclaim, winning two Emmy Awards on September 20, 2020.
October 21, 2020: Quibi Announces Shutdown
On October 21, 2020, Quibi officially announced its decision to shut down, just six months after its launch. The company cited the challenges posed by the COVID-19 pandemic and the lack of viability in continuing operations.
November 2020: Analysis of Quibi's Failure
Following Quibi's closure, a November 2020 article in The Wall Street Journal analyzed the reasons behind its failure. The analysis pointed to factors like the platform's mobile-only strategy, high advertising expenses, and misjudgment of consumer preferences.
December 2020: Quibi Shuts Down
After failing to meet its subscriber projections, Quibi announced its shutdown in December 2020, just six months after its launch.
January 8, 2021: Roku Officially Acquires Quibi's Content
Roku finalized its acquisition of Quibi's 75 programs on January 8, 2021, for an amount less than $100 million.
January 2021: Roku Acquires Quibi's Content Library
In January 2021, Roku acquired Quibi's content library for less than $100 million. The content was rebranded as "Roku Originals" and made available for streaming on The Roku Channel.
May 20, 2021: Quibi Content Relaunches as "Roku Originals"
Roku relaunched 30 of Quibi's shows as "Roku Originals" on its streaming platform, The Roku Channel, on May 20, 2021. The content retained its short-form format.
