When Jeffrey Katzenberg and Meg Whitman were developing plans for a new streaming-video service called Quiby, they received a warning from advisors. Make sure it can be seen on TV and not just on the phone.
According to people familiar with the case, both officials did not follow the recommendation and designed the service specifically for people on the go. The company finally changed course after launching, and in October, it released TV apps for some of the largest streaming-media platforms.
It was too late: Within a few days, Quibi announced that it was closing.
Quib, one of Hollywood’s most ambitious startups, for “Quick Bites”, which aims to revolutionize entertainment with short-form content designed specifically for mobile phones. Investors who invested $ 1.75 billion in the idea did so largely because they relied on the gut instincts and vision of Mr. Katzenberg, the film Mogul and Hulett Packard, who founded the quiz, and Ms. Whitman, former CEO of eBay, He was recruited as the chief. Executive
Instead, he saw the fastest collapse in the entertainment business. According to interviews with current and former employees, investors, advisors and production partners, the QB failed because the famous trend of both proved to be wrong.