Meg Whitman and Jeffrey Katzenberg Raise $400m in Quibi Launch
January 18, 2020
For some time now, we’ve been seeing a lot of eye-popping sums of money raised for startups. In a world where we no longer wait for a business to be global before we take notice, many new start-ups are raising tens of millions in funding, if not more.
A recent example of this came from the second funding round for Quibi. Quibi, managed by Meg Whitman and Jeffrey Katzenberg, looks very much likely to meet its funding goal.
The mobile entertainment venture has been going through two rounds of funding so far. It’s managed to pick up some very impressive content so far, with its service launch expected to arrive in April 2020.
It will be filled with all manner of short-form movies and media made by major Hollywood actors and directors. Stars such as Jennifer Lopez will have their own movies and content, while directors like Guillermo Del Toro will be involved.
Indeed, with a whopping $1bn raised from investors due to who is involved, Quibi looks very exciting for the future indeed.
The name, which is a play on the term “quick bites”, showcases their commitment to capturing people for smaller periods of time. And it does make a lot of sense. After all, for years we have been informed that our attention spans have fallen through the floor.
Having something aimed at taking up, say, 10 minutes of your time makes sense compared to the 2-hour plus session we can use in Netflix.
With the service being aimed at mobile-only to begin with, it’s going to be very different. Instead of targeting people looking to do an all-day Netflix binge session from bed, Quibi will target people who are short on time.
Who is Quibi aimed at?
For example, when you are on the train or when you are waiting for your cab to arrive.
This gives you the chance to enjoy a small but fully detailed movie, available in both full-screen and landscape viewing. This is going to give you the chance to get high quality viewing managed on the go without the same need for large data connections and storage space.
Quibi, though, will need to keep building up. With major competitors in the market already looking to embolden their own streaming software, this is only going to continue to grow as time goes on.
For some, it’s being marketed as the Snapchat of media watching. Instead of sitting watching hours worth of the same show, you can introduce yourself to all manner of new 10-minute ideas.
While not perfect, Quibi looks like it has a very interesting launch ahead of it. With some of the people involved having had previous experiences in things like Pop.com, there is plenty of positivity around Quibi.
We can expect, then, that the whole show is going to become much more exciting as time goes on.
With so much potential around it and so much money raised, it would be a shock if Quibi wasn’t a success.