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Quibi closes on $750 million as its date with destiny approaches
With just over one month to go until its official launch date, the short-form, subscription streaming service Quibi has closed on $750 million in new financing, according to a report in the company’s private PR firm The Wall Street Journal.
The company declined to disclose exactly who invested in the new round (which is always a great sign) and didn’t comment on how the new investment would effect the company’s valuation.
Chief Executive Officer Meg Whitman told the Journal that the new financing was made to ensure that the company would have the financial flexibility and runway to build a long-term business, but it’s likely that companies as diverse as Brandless and WeWork said the same thing about their goals when raising capital, as well.
According to the story in the WSJ, the company’s new investment contains both existing investors, like the Alibaba Group and Hollywood Studios, along with WndrCo, the investment firm and holding company launched by Quibi’s co-founder and Hollywood mogul Jeffrey Katzenberg.
To date, Quibi has raised $1.75 billion.
While the company touts its original approach to storytelling, and its list of marquee talent developing series for the app, the emphasis on short-form has been tried before by other companies (notably TechCrunch’s own parent company)… and the results were less than promising.
The idea that people need to consume short-form stories instead of … maybe just hitting the pause button… is interesting as an experiment to see what kinds of narratives or reality show-style entertainment needs to live behind a paywall rather than on YouTube or TikTok.
Perhaps Quibi will win with its slate of reality and narrative shows (which, to be honest, look pretty fun). The big names that Katzenberg and co-founder Meg Whitman promised are certainly on offer in the roster that is helpfully synopsized in a recent Entertainment Weekly article about the company’s programming.
Quibi, unlike some of the streaming services that it’s going to compete with, doesn’t have a back catalog of titles to tap to pad out the service, so it’s coming to market with a whopping 175 shows in its first year with 8,500 episodes, which run no longer than 10 minutes.
When it launches, there will be 50 shows on offer from the service. A lot depends on the reception of those shows. While many of the titles seem compelling, there are only a couple that seem to have the appeal to break through to the audience that Quibi hopes it can reach, and that will be willing to shell out money for its subscriptions.
The service is also hoping to differentiate itself by dropping new episodes daily — rather than weekly releases common on network television or the season-long binges that Netflix encourages.
The app itself seems to be fairly undifferentiated from the services available from other streamers. As we wrote when the company launched pre-orders for its app in February:
Much has been made about Quibi’s potential to reimagine TV by taking advantage of mobile technology in new ways, but the app itself looks much like any other streaming service, save for its last app store screenshot showing off its TurnStyle technology.
The app appears to favor a dark theme common to streaming apps, like Netflix and Prime Video, with just four main navigation buttons at the bottom.
The first is a personalized For You page, where you’re presented a feed where you’ll discover new things Quibi thinks you’ll like.
A Search tab will point you toward trending shows and it will allow you to search by show titles, genre or even mood.
The Following tab helps you keep track of your favorite shows and a Downloads tab keeps track of those you’ve made available for offline viewing.
Otherwise, Quibi’s interface is fairly simple. Shows are displayed with big images that you flip through either vertically on your home feed or both horizontally and vertically as you move through the Browse section.
The company does promote its TurnStyle viewing technology in its app store description, though it doesn’t reference the technology by name. Instead, it describes it as a viewing experience that puts you in full control. “No matter how you hold your phone, everything is framed to fit your screen,” it says.
In vertical viewing mode, it also introduces controls that appear on either the left or right side the screen — you choose, based on whether you’re left or right-handed.
Quibi did not formally announce the app was open for pre-order.
The startup, founded by Jeffrey Katzenberg, is backed by more than a billion dollars — including a recently closed $400 million round.
Despite the doubt surrounding its success, Quibi managed to sell out of the initial $150 million in available advertising for the service’s first year.
Whether it’s as big of a hit with potential subscribers as with advertisers remains to be seen. The service could still become the Mike Bloomberg campaign of streaming media — a lot of money and no discernible result.
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Quibi’s streaming service app launches in app stores for pre-order
Quibi, the mobile-only streaming service from Jeffrey Katzenberg, is now open for pre-orders. The company declined to fully show off its app only a month ago during demos of its “TurnStyle” technology at the Consumer Electronics Show in Las Vegas, but it appears the app is ready nonetheless. Quibi is listed on both Apple’s App Store and Google Play, where it’s been given a pre-order date of April 6, 2020 — the date Quibi’s new service goes live.
The app was actually published to the app stores in January, according to data from Sensor Tower and App Annie. Quibi confirmed the app actually opened up for pre-orders on January 30, but this hadn’t been reported yet by media. (Chrissy Teigen tweeted it, however.)
Apple first introduced pre-order functionality for apps and games in late 2017, allowing interested consumers to have a new app or game automatically download to their device on launch day. And in the case of paid apps, customers aren’t charged until the app becomes available.
Since launch, the pre-order system has largely been used with mobile games. Apple even devotes part of its iOS App Store to a “Coming Soon” section where you can find upcoming games for pre-order.
It’s far less common for non-games to utilize a pre-order system. By doing so, it’s a signal that the company plans to do a significant marketing push ahead of the app’s release, likely in hopes of achieving a higher number of day-one downloads than it would otherwise.
That’s important in Quibi’s case, given the competition that awaits it. Disney+, for example, blew past expectations to reach nearly 29 million subscribers in less than 3 months after its U.S. debut. Quibi, meanwhile, will arrive in the spring, just ahead of when WarnerMedia’s HBO Max and NBCU’s Peacock also begin rolling out. Quibi can’t wait until the market is even more crowded to start pushing users to download its app — it needs to capture users’ attention now.
With Quibi’s app store listings now live, we also have our first glimpse of the streaming service’s user interface.
Much has been made about Quibi’s potential to reimagine TV by taking advantage of mobile technology in new ways, but the app itself looks much like any other streaming service, save for its last screen showing off its TurnStyle technology.
The app appears to favor a dark theme common to streaming apps, like Netflix and Prime Video, with just four main navigation buttons at the bottom.
The first is a personalized For You page, where you’re presented a feed where you’ll discover new things Quibi thinks you’ll like.
A Search tab will point you toward trending shows and it will allow you to search by show titles, genre or even mood.
The Following tab helps you keep track of your favorite shows and a Downloads tab keeps track of those you’ve made available for offline viewing.
Otherwise, Quibi’s interface is fairly simple. Shows are displayed with big images that you flip through either vertically on your home feed or both horizontally and vertically as you move through the Browse section.
The company does promote its TurnStyle viewing technology in its app store description, though it doesn’t reference the technology by name. Instead, it describes it as a viewing experience that puts you in full control. “No matter how you hold your phone, everything is framed to fit your screen,” it says.
In vertical viewing mode, it also introduces controls that appear on either the left or right side the screen — you choose, based on whether you’re left or right-handed.
Quibi did not formally announce the app was open for pre-order.
The startup, founded by Jeffrey Katzenberg, is backed by more than a billion dollars — including a recently closed $400 million round.
Katzenberg explained at CES that every great innovation in Hollywood has been driven by new technology, but today’s streaming services haven’t fully capitalized on the way many people consume content — meaning, on their phone. Quibi plans to make its service mobile-first, with TurnStyle for better viewing. And later, by using the phone’s other sensors and features to create different types of stories, like a horror show you can only watch at night or interactive fitness programs that can track your steps, among other things.
But Quibi could easily come across as gimmicky if it doesn’t get the experience right with quality content, too. Even if Quibi doesn’t pan out as a standalone streamer, it could license its TurnStyle tech to others in the streaming space — that would make Quibi one of the most expensive demo apps of all time.
Updated 2/20/20, 6 PM ET to clarify the app was opened to pre-orders on Jan 30, according to Quibi, but it wasn’t publicly announced. Sensor Tower had earlier said the app was only made available for pre-order today. The app was updated today, however.
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Quibi links up with FaZe Clan for a game show that would let winners join the FaZe team
Quibi has linked up with the popular esports team FaZe Clan on a new game show that would let six subscribers for the new short-form streaming service compete for a slot on the FaZe roster.
The show is called “FaZe Up” and it’s an example of the new types of entertainment and game shows Quibi’s looking to try to appeal to younger demographics.
For FaZe Clan, one of the dominant esports franchises in popular culture, the game show is a chance to find new talent and extend the reach of its entertainment studio, gaming teams and fashion line onto another platform. For Quibi, bribery is certainly one way to win an audience.
WndrCo, the parent company for Quibi, is keeping the production in its family of portfolio companies, as the show is being produced by the WndrCo-backed entertainment and sports media company, Whistle Sports.
“We have had an incredible partnership with FaZe and couldn’t be more excited to take it to new heights with this show, especially on a unique platform like Quibi,” said Michael Cohen, president of Whistle. “Whistle is all about incorporating our fans into our content and so the fact that the Quibi audience gets the ability to participate and immerse themselves in this experience is a truly perfect fit.”
Quibi describes the show as part contest, part competition show “and 100% FaZe.” Six contestants, chosen from Quibi’s audience of subscribers, will get the chance to win money and a slot in the FaZe Clan roster.
Directed by William Silva Reddington and produced by FaZe Clan, Nathan Gaines, Dennis Lisberger and Mike Basone, with showrunner Harrison Nalévansky, the new show will use voting tools from Quibi and FaZe Clan’s key members to select contestants for eligible slots to compete and eventually join FaZe Clan.
The six winners will then be flown to the FaZe Clan mansion to live at the house and compete in gaming and reality show-style events to determine who deserves a slot on the team.
“Over the past 10 years, FaZe Clan has not only contributed to the growth of the gaming lifestyle and the esports community, but we have broken barriers and are not afraid to disrupt the status quo,” said FaZe Clan Head of Content Oluwafemi Okusanya. “In 2020, we plan to do the same with content creation and media distribution. The ‘FaZe Up’ show represents our next chapter in content creation with our first premium production effort and in collaboration with innovative partners like Whistle and Quibi.”
The addition of FaZe to the roster of creative talent that Quibi has amassed puts a different spin on the company’s pitch of high-end, short-form content. The company has already attracted Jennifer Lopez, Liam Hemsworth, Catherine Hardwicke and Antoine Fuqua, who are all attached to projects slated to debut on the platform.
Quibi doesn’t debut until April, but it’s teasing updates and information about what’s to come — including more news about “FaZe Up” at Quibi Insider, its newsletter about all things Quibi.
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Quibi execs Jeffrey Katzenberg and Meg Whitman explain their big vision
Last week at the Consumer Electronics Show in Las Vegas, Quibi executives — including CEO Meg Whitman and founder/chairman Jeffrey Katzenberg — took the stage in a keynote laying out their vision for the mobile video service.
Katzenberg is a longtime Hollywood executive who led Walt Disney Studios during its animation renaissance in the late ’80s and early ’90s before co-founding Dreamworks Animation. Whitman worked at both Disney and Dreamworks, but she’s best known as the former CEO of eBay and Hewlett Packard Enterprise.
So it’s fitting that they presented Quibi as a company that exists at the intersection of Hollywood and Silicon Valley — as Whitman put it, creating “the very first entertainment technology platform optimized for mobile viewing.”
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Streaming service Quibi sells out of its $150M in first-year ad inventory
Jeffrey Katzenberg’s mobile-only streaming service Quibi hasn’t even launched, but it’s already sold out of its $150 million first-year advertising inventory, the company announced this morning. The service, which officially debuts in April 2020, added new advertisers Discover, General Mills, T-Mobile and Taco Bell, which join Quibi’s existing lineup of ad partners Procter & Gamble, PepsiCo, ABInBev, Walmart, Progressive and Google.
In addition to being an advertiser, T-Mobile only days ago announced a partnership with Quibi, as well.
The streaming service had cited T-Mobile’s “impressive 5G roadmap” as one of the reasons it went for the deal, but T-Mobile’s advertising contribution probably didn’t hurt either.
For an entirely unseen product, it’s notable that Quibi is already sold out for year one. That speaks to its ability to sell brands on its core concept — a sort of Netflix for the mobile era, where higher-quality content is chopped up into smaller bites (or “quick bites”), and viewable no matter how you hold your phone.
Advertisers are offered either a six, 10 or 15-second pre-roll spot before the Quibi content streams. And unlike on YouTube, where some of the ads can be skipped after a few seconds — or removed entirely by way of subscription — Quibi’s ads won’t have a “skip” button. Quibi also hints at a unique offering for advertisers, saying that it will be “experimenting with a number of other innovative ad formats.”
In addition, Quibi is tackling one of the issues advertisers have with YouTube, where a brand’s message is often run against extremist content. YouTube has tried to fix the problem with better controls, and brands have at times left YouTube. Some brands even got together to form a global alliance for “responsible media,” which basically means they’re ready to more formally fight this problem.
It’s no surprise, then, that these companies are willing to help boost a potential YouTube competitor — one which promises they won’t find their ad played ahead of child exploitation or white supremacist content, among other things — as has been the case on YouTube, at various points.
However, what may be most responsible for the early ad sales is Quibi’s founder, Jeffrey Katzenberg. He’s not someone the industry is willing to bet against at this point.
“We are seeing a tremendous response from advertising partners who recognize the value of Quibi’s premium, brand-safe, mobile platform that is focused on the highly coveted millennial audience,” said Meg Whitman, CEO, Quibi. “The world-class brands that are partnering with us in advance of our launch is remarkable, and it speaks to the opportunity in front of us,” she said.
Quibi announced in June it had already booked $100 million in ad sales, with $50 million to go. But even if it hadn’t sold out, Quibi still would have been a go for launch — Quibi is backed by $1 billion in funding, and was reportedly going to double that.
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T-Mobile partners with Jeffrey Katzenberg’s mobile streaming service Quibi
On the heels of getting the FCC’s proposal to merge with Sprint, T-Mobile announced a plan to partner with Jeffrey Katzenberg’s mobile streaming service, Quibi. According to statements provided to the LA Times, and confirmed by Variety, Quibi CEO Meg Whitman specifically called out T-Mobile’s “impressive 5G road map” as a good fit for the soon-to-launch streaming service.
The partnership will give T-Mobile’s 83.1 million customers access to Quibi’s premium content, but no details as to how it would be bundled into the carrier’s plans are currently available. It’s possible that Quibi will either be offered at a discount for T-Mobile users, or it could be available as an add-on or available with a special bundle deal.
The deal will present a new competitor to AT&T’s streaming services, AT&T TV Now (previously DirecTV Now) and low-cost WatchTV, as well as its upcoming premium service, HBO Max. Verizon (TechCrunch’s parent company) also dabbled with mobile streaming with go90, but that service was shut down last year after failing to gain adoption.
The news of the T-Mobile deal comes on the heels of a series of rapid-fire announcements about the shows and celebs who will be contributing to Quibi, which will provide a range of programming, including news, lifestyle, comedy, drama, horror, reality, action and more. And all is broken up into shorter-form bits — or “quick bites,” hence the service’s name.
As for the programming, Quibi has brought in big names like Sam Raimi, Guillermo del Toro, Antoine Fuqua and producer Jason Blum, Liam Hemsworth, Lorne Michaels, Steven Speilberg, Tyra Banks, Idris Elba, Trevor Noah, Queen Latifah, Sophie Turner and others.
“Quibi will deliver premium video content for millennials on a technology platform that is built exclusively for mobile, so a telecommunications partner like T-Mobile, with their broad coverage today and impressive 5G road map, is the perfect fit,” Quibi chief executive Meg Whitman said in a statement run by the LA Times.
“Quibi is leading the way on how video content is made and experienced in a mobile-first world,” said Mike Sievert, president and chief operating officer of T-Mobile. “That’s why our partnership makes perfect sense — two mobile-centric disrupters coming together to give customers something new and remarkable.”
Terms of the deal were not disclosed.
The companies confirmed the news to TechCrunch, following the L.A. Times report.
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CBS News is bringing a 60 Minutes-inspired news show to streaming service Quibi
Jeffrey Katzenberg’s streaming service Quibi, due to launch in April, has partnered with CBS News to modernize “60 Minutes”-style programming for the era of bite-sized video. Instead of an hour-long newsmagazine, CBS News will launch “60 in 6,” which will condense original news stories into six-minute episodes, designed for consumption on mobile devices.
The deal will see 60 Minutes producing one original story per week, as part of Quibi’s licensing agreement.
“This is a perfect opportunity to bring 60 Minutes’ style of storytelling, in-depth reporting, and investigative journalism to a new audience,” said 60 Minutes executive producer Bill Owens, in a statement. “We are excited to launch ’60 In 6,’ as our digital footprint is more important than ever,” he said.
CBS isn’t the first news partner coming to the upcoming streaming service. NBC will build out a full production team exclusively for its Quibi programming, which will include a six-minute morning and evening news show for the service. The BBC and Quibi, meanwhile, are developing an international news show for millennials that’s five minutes in length. And ESPN just agreed to do a sports highlights and news show.
“60 Minutes has been, is, and will continue to be the gold standard of storytelling news journalism,” added Jeffrey Katzenberg, Quibi founder and chairman of the board, in a statement. “Bringing their talent and resources to a new form of storytelling could not be more exciting for us at Quibi,” he said.
News programming is only one aspect to Quibi, which will also include a variety of entertainment offerings from big-name talent, like Sam Raimi, Guillermo del Toro, Antoine Fuqua and producer Jason Blum, among others. Quibi also will feature a show about Snapchat’s founding, an action-thriller starring Liam Hemsworth, a murder mystery comedy from SNL’s Lorne Michaels, a beauty docuseries from Tyra Banks, a Steven Spielberg horror show, a comedy from Thomas Lennon, a car-stunt series with Idris Elba, a comedy series from Trevor Noah, a drama with Queen Latifah, a thriller with Sophie Turner and more.
Quibi’s premise is taking premium content and chopping it up into “quick bites” (hence the name), and delivering it to mobile viewers in both horizontal and vertical formats. The idea, essentially, is to build a Netflix for the Snapchat generation. This is a risky endeavor, given that the targeted demographic — Gen’s Y and Z — is quite happy with their Netflix subscriptions for higher-production value entertainment, and with YouTube for more casual video viewing from the creator community.
Quibi also seems to ignore the fact that most subscription-based video is still watched on TVs, not mobile devices. Meanwhile, on users’ phones, Quibi will have to compete with a range of other apps and games — including the new titles from Apple Arcade — as well as other time fillers, like YouTube, Instagram, TikTok and Snapchat.
That said, having Katzenberg at the helm has brought a lot of industry support to Quibi. The company has raised $1 billion from Disney, WarnerMedia, 21st Century Fox and others, and was looking to raise more. It also said this summer it had booked $100 million in ad sales pre-launch.
Quibi will launch in April 2020, and “60 in 6” will be available at that time. The service will cost $5 per month, or $8 to go ad-free.
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Streaming service Quibi snags Snap and Pandora vet Tom Conrad as chief product officer
Jeffrey Katzenberg’s upcoming mobile streaming service Quibi has added another notable name to its roster of executive talent. The company announced it has hired Tom Conrad, previously VP of product at Snap (maker of Snapchat), and a co-creator of Pandora, where he served as chief technology officer. At Quibi, Conrad will be chief product officer, which will see him leading product, user research and customer support.
The news of Conrad’s hire was first reported by Variety on Monday, which also noted Conrad had served on Quibi’s board since late 2018 and was officially hired as CPO on March 25. He will report to Quibi CEO Meg Whitman in his new role.
Conrad will play a big part in Quibi’s success (or lack thereof, if it doesn’t fare well!), as a significant aspect to the service is to be the app’s mobile design. Unlike modern streaming services like Netflix, Quibi aims to offer short-form, high-quality video cut into smaller pieces for easy consumption on a smartphone. At this year’s SXSW, Whitman explained the Quibi advantage, noting how the technology it’s using will allow the company to do “full-screen video seamlessly from landscape to portrait.”
At Quibi, Conrad’s understanding of streaming services, thanks to his time at Pandora, and apps favored by young users, thanks to his role at Snap, will surely come into play.
Conrad left Snap in 2018 at a critical time for the popular social app. Its massive redesign had just rolled out, and was destroyed by early user reviews, with the majority giving the update one or two stars when it hit. The design was later rolled back. However, Snap CEO Evan Spiegel was the product decision maker — Conrad was more involved in terms of execution. That experience, however, may have given Conrad insight into what doesn’t work for the young Gen Z crowd, as much as what does.
The executive also spent a decade at Pandora, as CTO and EVP of Product, which saw him leading the teams that designed, developed and maintained the Pandora apps across platforms — including web, mobile and other consumer electronics devices, as well as automotive. While Quibi is focused on being a mobile streaming app, it’s hard to imagine a streaming service that refuses to ever go cross-platform — especially since the majority of viewing of today’s streaming service viewing takes place on a television. (Even when it’s the streaming service from YouTube.)
With its billion-dollar backing from investors, Quibi has been able to snag several big names for its exec ranks, in addition to its CEO Meg Whitman, and now Conrad.
In March, the company said it landed top CAA agent Jim Toth (married to power producer Reese Witherspoon, by the way). Toth’s clients at CAA included Matthew McConaughey, Robert Downey Jr., Scarlett Johansson, Jamie Foxx, Zoe Saldana, Chris Evans, Salma Hayek, Zooey Deschanel and Neil Patrick Harris.
Quibi also hired former DC and Warner Bros. exec Diane Nelson to run operations. Nelson had served as president of DC Entertainment since 2009, and helped spearhead development of the DC Universe movies and shows.
In addition, the streaming service itself has already been signing big-name talent for its content, including Catherine Hardwicke, Antoine Fuqua, Guillermo del Toro, Sam Raimi and Lena Waithe. It’s also working with Steph Curry’s production company and most recently announced — awkward alert? — a show detailing Snapchat’s founding, focused on Evan Spiegel’s rise.
Image credit: Conrad, via Crunchbase
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Jeffrey Katzenberg’s streaming service Quibi is doing a show about Snapchat’s founding
Jeffrey Katzenberg and Meg Whitman today announced a slate of new series and projects heading to their forthcoming video streaming service, Quibi. The list includes an origin story to complement Telemundo’s hit show “El Señor de los Cielos;” a music competition show produced by Justin Bieber manager and entertainment exec Scooter Braun; a show from Jennifer Lopez’s company about the power of giving and paying it forward; as well something called “Frat Boy Genius,” which will focus on the rise of Snapchat — and specifically its creator, Evan Spiegel.
“It is the story of how he built and created Snapchat, which is one of the great social platforms of our time,” touted Katzenberg. “And we want to tell a story that is as compelling and interesting about the creation of Snapchat and Evan’s story as “[The] Social Network” was for Facebook,” he added.
The project will be based on the screenplay by the same name, which had written Spiegel as a hard-partying Stanford student, according to Vulture’s review of the much-hyped script.
“He should be flattered,” remarked Katzenberg, of Quibi’s plans for the Spiegel-focused project.
And now to the featured scripts! First up: @Elissits‘ FRAT BOY GENIUS, illustrated by @boxbrown. pic.twitter.com/GW8KQclrrB
— The Black List (@theblcklst) December 17, 2018
Katzenberg and Quibi CEO Meg Whitman were at SXSW to speak about the upcoming streaming video service, which plans to offer short-form video designed for mobile. On Quibi, consumers watch “quality” video cut into smaller pieces, including both scripted and unscripted original content, exclusives from Quibi’s partners and other daily news and sports programming.
Already, some of Quibi’s content plans have been announced.
For example, Deadline reported last fall that filmmakers Sam Raimi, Guillermo del Toro and Antoine Fuqua and producer Jason Blum will all create series for the service. And a pitch deck had touted other examples of Quibi’s programming — like a show called “Inspired By” with Justin Timberlake and “Under the Gun” with Kobe Bryant. Plus, Katzenberg himself had revealed in a LinkedIn post that Quibi was working on a basketball-related series with Steph Curry’s production company.
However, the story about Snapchat’s founding highlights how Quibi could benefit from its combination of tech and entertainment industry roots, in terms of deciding what to greenlight.
Whitman, a former HP Enterprise president and CEO, also pointed to another example: her penchant for using data to make decisions.
“I am deeply analytical and Jeffrey will argue in stories and allegories,” Whitman said. “And I will say: ‘Jeffrey, do you have any data to suggest that what you have just said is true?’ And he’ll say, ‘no I don’t have any data — but it’s true,’ ” she explained.
“Then I will come with data, facts, total available market size, market segmentation, market research, and he will say, ‘you know, not everything yields to analysis.’ And I’ll say ‘no, not everything does, but most things do,’ ” she said.
For the most part, today’s onstage discussion was a pitch for why Quibi will work and why it needs to exist — with Katzenberg touting its promise as an app that will benefit from 5G mobile networks as well as the cord-cutting behavior among younger millennials, who are no longer interested in traditional pay TV.
Both execs also stressed that Quibi was not a Netflix or YouTube competitor — despite angling for the same share of consumers’ mobile minutes and a set amount of downtime not spent on social media and mobile gaming, for example. They instead believe Quibi will be additive, and other services — like Netflix and Disney+ — can still win, even as Quibi wins.
Katzenberg said that Quibi aims to grab 20 minutes of the 70 minutes per day people spend watching short-form video, but doesn’t believe it will necessarily come at the expense of YouTube or others.
“Six years ago it was six minutes. A year and a half ago, it was 40 minutes. And today it’s 70 minutes,” he said, illustrating mobile video’s rise. “People love being able to watch great short-form content on the go.”
“What we know is that our users are watching a lot of video on mobile. They’re excited about the opportunity to see something differentiated. But honestly, we’re using a lot of judgment, and we’ll know whether it works when it launches,” Whitman added.
Quibi will publish more than 100 pieces of content every week, meaning it’s going to be making 5,300-5,400 pieces of content per year, Katzenberg said. He also mentioned a few others examples of programming, including a daily round-up of the best of late night TV, and spoke more vaguely of the potential for a show that delivered music news, the way that MTV’s Kurt Loder once did.
The streaming service is launching in April 2020, Katzenberg also confirmed today, putting a more definitive time stamp on the launch time frame beyond “early 2020” or “spring.”
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Still a year away from launch, Meg Whitman and Jeffrey Katzenberg’s Quibi keeps adding talent
Video won’t start rolling on Meg Whitman and Jeffrey Katzenberg’s new bite-sized streaming service with the billion-dollar backing until the end of 2019, but talent keeps signing up to come along for their ride into the future of serialization.
The latest marquee director to sign on the dotted line with Quibi is Catherine Hardwicke, who will be helming a story around the creation of an artificial intelligence with the working title “How They Made Her,” according to an announcement from Katzenberg onstage at the Variety Innovate summit.
Hardwicke, who directed “Thirteen,” “Lords of Dogtown” and, most famously, “Twilight,” is joining Antoine Fuqua, Guillermo del Toro, Sam Raimi and Lena Waithe in an attempt to answer the question of whether Whitman and Katzenberg’s gamble on premium (up to $6 million per episode) short-form storytelling is a quixotic quest or a quintessential viewing experience for a new generation of media consumers.
Katzenberg also revealed in a LinkedIn post that Quibi would be working on a basketball-related series with Steph Curry’s production company. He wrote:
I announced a new docu-series by Whistle called “Benedict Men” coming exclusively to Quibi. “Benedict Men” will be executive produced by Stephen Curry’s Unanimous Media and will give viewers an inside look at one of the most unique high school basketball teams in America at St. Benedict’s Prep in Newark, New Jersey.
St. Benedict’s Prep is an all-boys secondary school founded on the core belief ‘What Hurts My Brother Hurts Me,’ and aims to foster a legacy of strong character, community, leadership, and faith. As one of the top athletic high schools with a storied basketball program and the highest graduation rate in New Jersey, the series will follow the brotherhood of young men who seek to balance life in complicated surroundings.
In some ways, the big adventure backed by Katzenberg, the former chairman of Walt Disney Studios and founder of WndrCo, and every major Hollywood studio — including Disney, 21st Century Fox, Entertainment One, NBCUniversal, Sony Pictures Entertainment and Alibaba Goldman Sachs — is the latest in an everything old is new again refrain.
If blogs reinvented printed media, and podcasts and music streaming reinvented radio, why can’t Quibi reinvent serialized storytelling.
Again and again, Whitman and Katzenberg returned to an analogy from the early days of the cable revolution. “We’re not short form, we’re Quibi,” said Whitman, echoing the tagline that HBO made famous in its early advertising blitzes. That Whitman and Katzenberg’s project to take what HBO did for premium television and apply that to mobile media is ambitious. Now industry-watchers will have to wait until 2019 at the earliest to see if it’s also successful.
In the interview onstage at a Variety event on artificial intelligence in media, Katzenberg cited Dan Brown’s “The Da Vinci Code” as something of an inspiration — noting that the book had more than 100 chapters for its 500 pages of text. But Katzenberg could have gone back even further to the days of Dickens and his serialized entertainments.
And right now for the entertainment business it really is the best of times and the worst of times. Traditional Hollywood studios are seeing new players like Netflix, Amazon, Apple and others all trying to drink their milkshake. And, for the most part, these studios and their new telecom owners are woefully ill-equipped to fight these big technology platforms at their own game.
Taking the long view of entertainment history, Katzenberg is hoping to win networks with not just a new skin for the old ceremony of watching entertainment but with a throwback to old style deal-making. The term serialization here takes on greater meaning.
Quibi is offering its production partners a sweetheart deal. After seven years the production company behind the Quibi shows will own their intellectual property, and after two years those producers will be able to repackage the Quibi content back into long-form series and pitch them for distribution to other platforms. Not only that, but Quibi is fronting the money for over 100 percent of the production.
Katzenberg said that it “will create the most powerful syndicated marketplace” Hollywood has seen in decades. It’s a sort of anti-Netflix model where Katzenberg and Whitman view Quibi as a platform where creators and talent will want to come. “We are betting on the success of the platform — and by the way, it worked brilliantly in the ’60s and ’70s and ’80s.” Katzenberg said. “Hundreds of TV shows were tremendous successes and [like the networks then] we don’t want to compete with our suppliers.”
In addition to the business model innovations (or throwbacks, depending on how one looks at it), Quibi is being built from the ground up with a technology stack that will leverage new technologies like 5G broadband, and big data and analytics, according to Whitman.
Indeed, launching the first platform built without an existing stable of content means that Quibi is preparing 5,000 unique pieces of content to go up when it pulls the curtains back on its service in late 2019 or early 2020, Whitman said.
And the company is looking to big telecommunications companies like Verizon (my corporate overlord’s corporate overlord) and AT&T as partners to help it get to market. Since those networks need something to do with all the 5G capacity they’re building out, high-quality streaming content that’s replete with meta-tags to monitor and manage how an audience is spending their time is a compelling proposition.
“We want to work to have video that looks good on mobile [and] ramp up content in terms of quantity and quality,” Whitman said. That quality extends to things like the user interface, search features and analytics.
“We have to have a different search and find metaphor,” Whitman said. “It takes eight minutes to find what you’re looking for on Netflix… We will be able to instrument this with data on what people are watching and using that in our recommendation engine.”
Questions remain about the service’s viability. Like what role will the telcos actually play in distribution and development? Can Quibi avoid the Hulu problem where the various investors are able to overcome their own entrenched interests to work for the viability of the platform? And do consumers even want a premium experience on mobile given the new kinds of stars that are made through the immediacy and accessibility that technology platforms like YouTube, Instagram and Snap offer?
“Where the fish are today is a phenomenal environment,” Katzenberg said of the current short-form content market. “But it is an ocean. We need to find a place where there are these premium services.”
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