Baller Alert
  • Home
    • News
    • Entertainment
    • The Baller Alert Show
    • Baller Alert Lists
    • Baller Alert Exclusives
    • Let Me Liv
    • Ballerific Music
    • That’s Baller
    • Fashion
    • Metaverse
    • Tech
    • Lifestyle
    • Sports
    • Op-Ed
    • Travel
    • Health
  • EVENTS
  • Videos
  • Shop
  • About
  • Political News
  • en español
No Result
View All Result
  • Home
    • News
    • Entertainment
    • The Baller Alert Show
    • Baller Alert Lists
    • Baller Alert Exclusives
    • Let Me Liv
    • Ballerific Music
    • That’s Baller
    • Fashion
    • Metaverse
    • Tech
    • Lifestyle
    • Sports
    • Op-Ed
    • Travel
    • Health
  • EVENTS
  • Videos
  • Shop
  • About
  • Political News
  • en español
No Result
View All Result
Baller Alert
No Result
View All Result

Quibi Shuts Down After Raising Over A Billion Dollars

by RavenH
October 21, 2020
Reading Time: 1 min read
0
Unemployment Rates Skyrocket

twenty20

Share on FacebookShare on Twitter

The mobile-only video streaming service, Quibi, is shutting down after launching less than a year ago. The company raised over one billion dollars in capital but failed to secure a buyer.

Jeffrey Katzenberg, a Hollywood producer and the founder of Quibi, alongside Chief Executive Meg Whitman raised over $1.75 billion from investors including Walt Disney Co., NBCUniversal, and Warner Media. The streaming service offered news and entertainment stories that ran ten minutes or less for $4.99-per-month. Despite the effort, Quibi struggled to garner subscribers.

The application attracted advertisers like Pepsi, Walmart, and Anheuser-Busch, locking in $150 million in ad revenue, but because of low viewership, advertisers deferred their payments.

According to The Wall Street Journal, Katzenberg called investors to tell them that he is shutting down the business. The shutdown comes after Katzenberg hired a reorganization firm. According to the Journal, the firm provided an index of solutions, one of them was to shut the company down.

The streaming service had many issues since it began in April – low viewership and downloads, and a lawsuit. Interactive-video company, Eko, filed a suit against Quibi for patent infringement. Eko claimed that Quibi stole trade secrets.

Unemployment Rates Skyrocket
twenty20

Share this:

  • Click to share on X (Opens in new window) X
  • Click to share on Facebook (Opens in new window) Facebook
  • Click to share on Mastodon (Opens in new window) Mastodon
  • Click to share on Reddit (Opens in new window) Reddit
  • Click to share on X (Opens in new window) X
  • Click to share on WhatsApp (Opens in new window) WhatsApp
  • Click to share on Tumblr (Opens in new window) Tumblr
  • Click to email a link to a friend (Opens in new window) Email
  • Click to share on Pinterest (Opens in new window) Pinterest

Like this:

Like Loading...

Discover more from Baller Alert

Subscribe to get the latest posts sent to your email.

Tags: InvestmentsmoneyQuibi

Related Posts

TSA Debunks Viral Theory That Costco Cards Can Be Used as REAL IDs
News

TSA Debunks Viral Theory That Costco Cards Can Be Used as REAL IDs

June 8, 2025

The Transportation Security Administration wants travelers to stop confusing their Costco perks with actual identification. Taking to Facebook, the official...

New York Boat Goes Up in Flames — 22 Jump Overboard to Escape Horror Blast [Video]
News

New York Boat Goes Up in Flames — 22 Jump Overboard to Escape Horror Blast [Video]

June 8, 2025

A Saturday night boat ride turned into a nightmare after a 35-foot vessel erupted in flames near Hart Island, forcing...

#image_title
News

Elon Musk Allegedly Got Physical with Treasury Secretary Scott Bessent During White House Visit in April

June 8, 2025

The tech world and the political arena collided hard, literally. According to ex-Trump buddy Steve Bannon, Elon Musk allegedly "rammed...

Ex-Cowboys Star Kelvin Joseph Jr. Busted for DUI After Deadly Motorcycle Wreck
News

Ex-Cowboys Star Kelvin Joseph Jr. Busted for DUI After Deadly Motorcycle Wreck

June 8, 2025

Kelvin Joseph Jr., a former Dallas Cowboys player now in the UFL, is facing serious legal trouble after allegedly driving...

Next Post
Moderna Pushes For Authorization of COVID Vaccine For Children 6 and Under

Participant In AstraZeneca's COVID-19 Vaccine Trial Dies In Brazil

Leave a ReplyCancel reply

Baller News

Subscribe To Our Newsletter

* indicates required

Follow Us

Subscribe to Blog

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

© Copyright 2024, Baller Alert Inc. All Rights Reserved

No Result
View All Result
  • Home
    • News
    • Entertainment
    • The Baller Alert Show
    • Baller Alert Lists
    • Baller Alert Exclusives
    • Let Me Liv
    • Ballerific Music
    • That’s Baller
    • Fashion
    • Metaverse
    • Tech
    • Lifestyle
    • Sports
    • Op-Ed
    • Travel
    • Health
  • EVENTS
  • Videos
  • Shop
  • About
  • Political News
  • en español
%d