Poor performance can be attributed directly to Quibi. Its bite-sized entertainment design was made with fast-paced lifestyles in mind where people cannot dedicate a whole 30 minutes to an hour for the newest episode of their favorite Netflix series. With COVID-19, what was once a fast-paced lifestyle has instead turned out to be a whole day on the couch due to lockdowns.
Prior to the announcement, Quibi hired a restructuring firm to assess various options to keep the company afloat. Fast forward to today and it appears that the options available to Katzenberg’s company were quite limited. He is expected to hold a call with investors later on Wednesday to share the news.
Quibi’s unfortunate demise marks yet another casualty resulting from the coronavirus pandemic.
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