In keeping with a brand new report from The Wall Avenue Journal, the short-form video streaming service Quibi will shut down after lower than a yr. The report says that Quibi founder Jeffrey Katzenberg has spent the day calling buyers to tell them of the shutdown.

Notably, the shutdown comes simply 24 hours after Quibi debuted its Apple TV utility…

Quibi launched in April of this yr, however regardless of elevating $1.75 billion in capital, it has didn’t garner mainstream viewership. The thought of the service was that the exhibits can be divided into short-form “fast bites” and can be formatted to observe on an iPhone show in portrait orientation.

As we speak’s report from The Wall Avenue Journal says that Quibi employed a restructuring agency to “worth its choices” in latest weeks. The agency advisable an inventory of potential concepts, together with that the corporate shut down.

On Wednesday, Quibi founder Jeffrey Katzenberg referred to as buyers to inform them he’s shutting the service down, a few of the folks stated.

In latest weeks, Quibi employed a restructuring agency to judge its choices, the folks stated. The agency advisable the choices to the board of administrators this week, an inventory that included shutting the corporate down.

The Data has additionally reported that Quibi will talk its plans to buyers and staff as we speak, with one “very possible risk” being that the corporate will shut down.

Shutting down Quibi clearly wasn’t the primary selection for Katzenberg. The media government had spent a number of weeks purchasing Quibi round to varied firms a few potential sale. A report earlier this month stated that Quibi had even approached Apple about an acquisition, however Eddy Cue, Apple’s Senior Vice President of Web Companies, wasn’t .

Simply yesterday, Quibi launched an all-new utility for the Apple TV. In and of itself, the release of an Apple TV utility was a stark reminder that Quibi’s aim of being a smartphone-only service had failed.

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