📚 Quibi Cofounder Jeffrey Katzenberg Blames Pandemic for Streaming Service's Rough Start

Quibi, the streaming app veteran executive Jeffrey Katzenberg started with Meg Whitman a little more than a month ago -- and for which it raised $1.8 billion -- is off to a rough start. From a report: Downloads have been anemic, despite a lineup that includes producers and stars like Jennifer Lopez, LeBron James, Idris Elba, Steven Spielberg and Chrissy Teigen. The service, which offers entertainment and news programs in five- to 10-minute chunks, was designed to be watched on the go by people who are too busy to sit down and stream TV shows or movies. It came out when millions of people were not going anywhere because of stay-at-home orders across the country. "I attribute everything that has gone wrong to coronavirus," Mr. Katzenberg said in a video interview. "Everything. But we own it." Quibi fell out of the list of the 50 most downloaded free iPhone apps in the United States a week after it went live on April 6. It is now ranked No. 125, behind the game app Knock'em All and the language-learning app Duolingo, according to the analytics firm Sensor Tower. Even with a free 90-day trial, the app has been installed by only 2.9 million customers, according to Sensor Tower. Quibi says the figure is more like 3.5 million. Of those who have installed the app, the company says 1.3 million are active users. Mr. Katzenberg expressed disappointment with those numbers. "Is it the avalanche of people that we wanted and were going for out of launch?" he said. "The answer is no. It's not up to what we wanted. It's not close to what we wanted." So nobody wants to use a short-form video app right now, except an increasingly growing number of people who are hooked to TikTok. Nobody wants to spend money on a service, but Quibi is free for first three months. Yeah, it's the coronavirus.

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