After six months of launching Quibi, a streaming service that wanted to revolutionize how we consume content, it’s shutting down. Back in April 2020, Quibi was marketed as the perfect streaming service for those on the go. One problem with that is the pandemic. Since April, no one is really “on the go.” Going from your bed to your desk isn’t the commute Quibi founders were envisioning.
Although the pandemic impacted the success of Quibi, it is not the only factor. Take TikTok for example. They’re very similar platforms, and yet Quibi never made it to the same level of success. Where did it go wrong? Aside from launching during a pandemic, it was entering a very competitive market. In the last year, we have had so many new streaming services such as Disney+, HBOMax, Peacock, etc. trying to make their mark on the streaming wars. Moreover, the number of subscribers was just not meeting expectations, and those that did a free trial would not continue the paid membership.
Quibi also stood out from other streaming services because it was only available on mobile. However, it was later added to televisions due to the low number of subscribers. While I think the idea of Quibi is an interesting and exciting one, I never tried it out for myself. I prefer binge-watching my favorite shows, and 5-10 minute content isn’t for me. And it looks like many people are in the same boat.
A new way to experience content has come and gone. It looks like audiences prefer more comedy or interactive short content, but when it comes to series/movies, they don’t mind something lengthier.
Did Quibi ever have a chance? It’s hard to say. The pandemic did play a factor, but it wasn’t the major cause. I think it’s possible to see a similar streaming service or even Quibi itself come back in a few years.
What we know for sure is that the violence of the CX economy has claimed another victim. Watch our free webinar below to see how you can avoid being next.
Itzell Ramirez-Lopez is a marketing intern for Worthix. She is currently a fourth-year at the University of Georgia pursuing a bachelor’s degree in Marketing, with an emphasis in Digital Marketing. She is also pursuing a certification in Legal Studies. She will be graduating in May 2021.