$1.8 billion well spent.
Jeffrey Katzenberg is what future historians will call ahead of his time, although everyone else will call him deluded. Katzenberg is behind the latest burning dumpster fire of a service called Quibi, a service that was focus tested on nobody and has no market place.
Quibi if you don’t know is a subscription service that sells itself on “quick bites, big stores.” The long and short of it is that Quibi chunks up tv shows and movies into ten minute bites with the intended audience being those who are out and about with a few minutes here and there to spare while standing in line at the grocery store or on the bus.
The app has wholeheartedly crashed, with only 2.9 million installs and those people working on their 90 day free trials. Unfortunately everyone is at home with the worldwide pandemic. Oh and people have no use for a $5 monthly service when they have so many things on their phone that don’t cost a monthly fee and can fill that 10 minute gap.
Quibi’s CEO is Meg Whitman who you may recall ran Hewlett Packard into the ground and was named 2013’s “Most Underachieving CEO” by Bloomberg. Can Quibi jump back? With two billion in wasted investor money, it better.