quibi

quibi

Courtesy of the Upfront Summit

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Jeffrey Katzenberg didn’t mince words when addressing the elephant in the room during his appearance at the Upfront Summit on Wednesday—saying he learned valuable lessons from the rapid demise of his short-form TV app Quibi.

“I'm humbled by [Quibi’s] failure; I’m glad we got out when we did and we were able to return money to investors,” Katzenberg said onstage at the venture capital conference in Downtown Los Angeles. He argued that while Quibi’s content was solid, the startup “didn’t have product-market fit”—alluding to its April 2020 launch amid the early days of the coronavirus pandemic.

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For a long time, Garrett Rothstein couldn’t shake the idea that people waste so much time figuring out what show or movie is available on which platform.

Even as he was working at Quibi, the splashy-but-ill-fated mobile streaming app, the thought gnawed at him. But the 32-year-old kept that thought—and the underlying ambition to create a service that simplifies the binge-watch process—at bay, content to stay focused on his day job in ad sales at Quibi.

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Image courtesy of Quibi

A slew of Quibi shows has found new life in Roku.

Roku will acquire the library of the short-lived Hollywood company founded by Jeffrey Katzenberg and has said it will stream its content with ads for free on its Roku Channel. Terms of the deal were not disclosed, although it has been widely reported that the final number came in below $100 million – a far cry from the $1.75 billion that Quibi raised.

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