Quibi bites the dust just six months after going live

Quibi, a short-form video streaming service, is shutting down mere six months after the launch. The streaming platform had aimed at changing how people consume videos on mobile devices.

Confirming the shutdown, Quibi co-founders Jeffery Katzenberg and Meg Whiteman penned an open letter to its employees, investors, and partners. The founders said that their failure was not due to the lack of trying but admitted they had “exhausted every option” available to them. The co-founders added they would return cash to their shareholders.

“And yet, Quibi is not succeeding. Likely for one of two reasons: because the idea itself wasn’t strong enough to justify a standalone streaming service or because of our timing. Unfortunately, we will never know but we suspect it’s been a combination of the two.