belandlix (belandlix) wrote in ohnotheydidnt,
belandlix
belandlix
ohnotheydidnt

WSJ reveals Quibi already burned through $1.75 billion; also it was going to be named "Omakase"





- The Wall Street Journal reported that the streaming app is in dire straits only months after its launch.

- Quibi is expected to have less than 2 million paying subscribers by April 2021. The company initially projected that it will reach 7.4 million by then.

- This is especially worrying since the app launched with a 90-day free trial period... and no one has paid for Quibi yet. Subscribers will need to start paying in July.

- The app has been downloaded 4 million times so far, and only 30% are active users.

- The most popular show on Quibi is the "Reno 911!" revival.

- Quibi initially raised $1.75 billion for its launch and has already burned through most of it; it's expected that they'll need to raise an additional $200 million before the end of June 2021.

- Jeffrey Katzenberg initially wanted to call the app "Omakase" but he changed his mind because Meg Whitman opposed him



ONTD, where would you have liked to spend that cool $1.75 billion instead?

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Tags: flop, television, web series / youtube, who asked for this
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