(Bloomberg) — Quibi, one of Hollywood’s most ballyhooed startups, is having a rocky first year.
Founder Jeffrey Katzenberg envisioned an app that would entertain people during the odd, in-between times in their lives — while commuting, say, or waiting in line at the bank. But when the April launch date arrived, Americans were in lockdown due to the coronavirus, meaning such moments had all but disappeared.
On Sept. 21, the Wall Street Journal reported that Quibi has so far failed to reach its subscriber targets and is working with advisers to assess its options, including a possible sale or a capital raise.
A lot can change in the future. Quibi could have a wildly popular hit show that lures in millions of new subscribers. A nation of smartphone consumers venturing back into the world could embrace the service as