In this week’s Week in Review: Quibi shuts down just six months after launching, Google claims it’s seeing success from its sandbox experiments, and Snapchat sees growing revenues and user engagement. To receive an update on the industry’s top stories every Friday, sign up to the weekly Video Round-Up.
Quibi Shuts Down After Just Six Months
Quibi, the mobile-first short form video platform launched by Jeffrey Katzenberg and run by Meg Whitman, confirmed it is closing down after struggling to build an audience. The company is now looking to sell off its proprietary tech and IP.
Katzenberg and Whitman discussed Quibi’s failure in an open letter to employees and investors. “Quibi is not succeeding. Likely for one of two reasons: because the idea itself wasn’t strong enough to justify a standalone streaming service or because of our timing,” the two said.
“Unfortunately, we will never know but we suspect it’s been a combination of the two. The …