Streaming platform Quibi is concerned about the future and is reportedly exploring a number of financial options including the possibility of a full sale says The Wall Street Journal.
The service launched in April, shortly after the pandemic was in full swing, hoping the reliance on streaming during lockdown would see them through. Quibi raised about $1.75 billion from major studios and other investors and has banked dozens of original series from major stars.
However the mobile-only strategy, a lack of buzzed about content and a messy marketing message didn’t help – ultimately the brand has never really taken off. A recent emphasis on content over platform has helped with popular successes like “Die Hart,” critical ones like “Wireless” and more recently creative Emmy wins for “#FreeRayShawn”.
Yet the obvious question arises as to whom would be interested in acquiring the struggling venture – especially as it is struggling to gain subscriber traction. Quibi is also said to be considering trying to raise even more funding or launching an IPO through a merger with a special purpose acquisition company (SPAC).
A statement from a representative reads as follows: “Quibi has successfully launched a new business and pioneered a new form of storytelling and state-of-the-art platform. Meg and Jeffrey are committed to continuing to build the business in the way that gives the greatest experience for customers, greatest value for shareholders and greatest opportunity for employees. We do not comment on rumor or speculation.”