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Launching in a World in Limbo
photo by Getty/Bloomberg
Meg Whitman (MBA 1979) and Jeffrey Katzenberg have said from the very beginning that their mobile, short-form streaming service, Quibi, would launch on April 6. Even as the world has been hobbled by a pandemic, they nailed their deadline.
On the occasion of the company’s launch, the New York Times chronicled Whitman and Katzenberg’s challenging third act in a story called, “Two Veteran C.E.O.s Risk $1.8 Billion on a Streaming App. In a Pandemic.” Both led some of the biggest companies in the U.S. before landing themselves back in start-up mode, working together to build Quibi from scratch. Along the way, they convinced investors to put up $1.8 billion in funding and stars like Steven Spielberg, Jennifer Lopez, and LeBron James to produce original content. As of April 6, 50 shows are available on Quibi, a name that is short for “quick bites.” All offerings were made for watching on a smartphone, in episodes of 10 minutes or less.
“Before the spread of the coronavirus, whenever Mr. Katzenberg and Ms. Whitman made their Quibi pitch, they described it as an on-the-go diversion for anyone standing in line at Starbucks or riding the subway. The pandemic changed the context. With potential customers largely confined to their homes, it will now go up against established platforms like Netflix and Amazon Prime Video that can be watched on any screen, including the living room TV. Quibi works only on the phone,” the Times reports.
With millions of Americans suddenly out of work, the company announced that it would offer a three-month free trial. Subscriptions after that would run $5 a month with ads or $8 for an add-free option.
For more about the company, see the HBS Alumni Bulletin’s story from last September, "Hollywood Ending."
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