Where Quibi Went Wrong: A Lack of Business Agility | PRO Insight

Tien Tzuo
·1-min read

Only six months after its launch, short-form video streaming startup Quibi announced it is now officially shutting down after it failed to attract any buyers. The news is not entirely surprising: Quibi has been struggling almost since the very start. While paid subscriber numbers have never been made public, analysts estimate the numbers were profoundly underwhelming and that Quibi would miss its paid subscriber goal for the first year by the millions. Just look at its performance on Apple’s App Store: the app dropped out of the top 50 list a week after it went live on April 6th and never recovered. So what went wrong? After its less-than-stellar launch, founder Jeffrey Katzenberg famously pointed the finger elsewhere: “I attribute everything that has gone wrong to coronavirus. Everything. But we own it.” Also Read: Jeffrey Katzenberg's Quibi Odyssey: Blind Hubris or Ambition Denied? That answer didn’t stack up, even back then. While Quibi wanted to blame its weak numbers on the fact that daily commutes were vanishing, short-form video streaming and smartphone usage actually increased while consumers were stuck indoors. And other streaming services, like TikTok and Netflix, saw unprecedented subscriber numbers during the pandemic. In fact, according to Zuora’s...

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