When former DreamWorks Animation Chief Executive Jeffrey Katzenberg announced plans for a short-form video streaming platform in 2017, the market was less crowded.
Apple Inc., Warner Media and NBC
Universal had yet not revealed their own streaming services, and Walt Disney Co. had yet to roll out its streaming plans.
Katzenberg is set to unveil his mobile-first streaming platform — dubbed Quibi for quick bites — in April 2020.
That’s six months after the scheduled release of Disney Plus and puts Quibi in competition with multiple existing platforms, from industry leader Netflix Inc. to West Hollywood-based upstart Pluto TV.
Hollywood-based Quibi has reportedly raised about $500 million on top of a $1 billion financing round announced in August 2018. And the company has steadily announced high-profile productions and partnerships with content providers, including BBC News.
Analysts such as Michelle Wroan, a partner at KPMG, have raised the prospect of streaming fatigue, saying the only way for these services to turn a profit could be to bundle themselves — in other words, to make streaming more like traditional cable TV packages.
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