Quibi announced they were shutting down yesterday and their founders tried to lessen the blow to their employees with a song from the movie “Trolls.”
According to Business Insider, co-founder Jeff Katzenberg reportedly tried to use the song “Get Back Up Again” as a motivator during the announcement to Quibi’s employees in a awkward attempt to lift their spirits.
The short-form video streaming service which was founded by Katzenberg (Dreamworks Co-Founder) and Meg Whitman (former HP CEO) announced it was shutting down just six months after its launch yesterday.
The streaming service startup raised nearly $2 billion ahead of its launch in April. The app was designed to feature short-form news and entertainment videos (or “quick bites”) running 10 minutes or less, that were meant to be watched on the go.
While the founders admitted that they had enough capital to continue operations for a significant period, they decided to pull the plug and return the leftover money, an estimated $350 million, to their shareholders.
Insiders claim that during a call yesterday, employees were informed that they were being laid off and paid a severance. Katzenberg reportedly advised the staff to listen to the song “Get Back Up Again,” which is performed by actress Anna Kendrick and is on the soundtrack of the 2016 Dreamworks (his production company) animated film “Trolls,” to uplift them.