Quibi was a short-lived short-form video app. It was founded in August 2018, launched in April 2020, and folded in December 2020, wiping out $1.75 billion of investor’s money. That’s twenty months from founding to launch and just six months to fail. Ouch.
Forbes chalked this up to “a misread of consumer interests”; though the content was pretty good, Quibi only worked as a phone app while customers wanted TV streaming, and it lacked social sharing features that may have drawn in new viewers. It was also a paid service competing with free options like YouTube and TikTok. According to The Wall Street Journal, the company’s attempts to address the issues were too late: “spending on advertising left little financial wiggle room when the company was struggling”.
If only there was some way Quibi could have validated its concept prior to wasting nearly two billion dollars1.Read More