Netflix May Discover Treasure in Quibi Wreckage
But the streaming giant doesn't need to buy Quibi to find it.
Quibi started out as a good idea, and its concept could still work on other platforms.
Photographer: Andrew Harrer/BloombergAfter barely six months, Quibi has been defeated in the streaming wars. The mobile streaming-video service is now seeking a rescue bid, but rather than find a buyer, it’s far easier to come up with a list of companies that can emulate Quibi — and outdo it. Netflix Inc., Walt Disney Co., Facebook Inc.’s Instagram, Google’s YouTube and ByteDance Ltd.’s TikTok all come to mind as companies that have a chance to marry short-form Hollywood storytelling with on-the-go social viewing in the way that Quibi should have pioneered.
The service, created by Hollywood mogul Jeffrey Katzenberg and run by former Hewlett-Packard CEO Meg Whitman, started out as a good idea: HBO-quality scripted series and other types of studio-produced programs broken into very short episodes, social-media style, for people to scroll through and watch while commuting or waiting in line at a store. The name itself is a portmanteau of “quick bites.” But the idea quickly failed, as Quibi struggled to lure subscribers and didn’t have the kind of shareable features that could have set the mobile service apart from the streaming-app crowd. Now, Katzenberg is reportedly exploring a sale as well as any other desperate options, including raising more money or going public through a special-purpose acquisition company (or SPAC).