|Quibi is being shopped around.|
Quibi approached Apple about a potential acquisition, but Eddy Cue wasn’t interested
- Oct. 9th 2020 1:41 pm PT
Quibi was introduced earlier this year as a streaming platform with content targeted to be watched on mobile devices. While the platform slowly grows, a new report from The Information revealed that Quibi CEO Jeffrey Katzenberg is now looking for someone to buy his company, and he even tried to sell it to Apple.
Just like Apple TV+, Quibi focuses on exclusive content and original productions instead of offering a catalog with movies and TV shows from different studios and channels. While it’s hard to imagine Apple taking advantage of Quibi’s platform, the company could release its shows on Apple TV+.
The report mentions that Katzenberg has reached out to several tech and entertainment executives, including Eddy Cue — Apple’s Senior Vice President of Internet Services. However, Cue wasn’t interested in Quibi and the proposal was rejected by Apple. The streaming company also tried to negotiate with WarnerMedia and Facebook, but they all rejected the deal.
The stakes are high for Katzenberg, a veteran of Hollywood. Quibi was an ambitious idea: a service aimed at people on the go, airing episodes of everything from news programs to dramas with episodes of just a few minutes each. Major talent including Kevin Hart and Chrissy Teigen made shows for the service.
Katzenberg raised $1.75 billion to found Quibi, but the platform has struggled to become popular — mostly because it was designed for mobile devices rather than TVs. Quibi currently has 500,000 subscribers, which is far less than any other popular streaming platform.
In order to make the platform more attractive, Quibi was later updated with AirPlay integration and video screenshots in its iOS app, but that wasn’t enough to make it popular. As pointed out by The Information, the Quibi platform has nothing special to offer, so it will be difficult to sell it to another company.
Quibi is available in the US with a $4.99 monthly subscription with ads or $7.99 without ads.