Why Quibi Isn’t Making a Splash
The Hyped New Streaming Service Struggles on Release On April 6, 2020, a brand-new streaming service, Quibi, joined the ranks of established streaming giants like Netflix and Hulu. But Quibi, short for “quick bites,” does things differently. Rather than traditional TV shows and movies, it focuses on short-form content — shows and videos that are around 10 minutes in length and meant to be watched on the go. Notably, Quibi is only available on mobile devices. Unlike Netflix or Hulu, you can only access it from smartphones or tablets. Since Quibi’s debut, this fact alone has turned away many people. The Wall Street Journal reports that Quibi had a less-than-stellar launch partly due to timing. It launched in the middle of the coronavirus pandemic, meaning many potential subscribers were at home watching content on their TVs. Jeffrey Katzenberg, founder of Quibi and former Walt Disney Studios chairman, also expressed concern. Many people within the company itself worried that the April launch would be problematic. Analysts expect Quibi to lose around a half a billion dollars this year between releasing new content and dealing with the pandemic. The Wall Street Journal notes that programming and advertising costs are simply much higher than the revenue Quibi is generating from subscriptions. According to the Los Angeles Times, when Quibi launched, it was the fifth-most downloaded app in the U.S. on Apple’s App Store and Google Play. Less than two weeks later, it had dropped to No. 27. Thanks to mixed reviews about the content, the subscription cost ($4.99–$7.99 per month), and a densely saturated streaming market, Quibi simply isn’t making a splash. The app isn’t giving up just yet, though. Quibi has committed over $1 billion to developing new content this year. Plus, the company is working with major star power, including filmmakers Steven Spielberg and Sam Raimi and many award-winning actors. It remains to be seen if people will stick around for such short content, but streaming services are very much in demand. Netflix and Hulu continue to report huge growth, so streaming restrictions aside, Quibi’s fresh content may still be on everyone’s radar. Should you subscribe to yet another streaming service? With mixed reviews, subscription costs that rival fully fledged streaming services, and the fact that you can only indulge on your smartphone or tablet, it might be worth it to wait. While Quibi may appeal to some, it doesn’t seem to be the future of streaming.
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