“We have exhausted all options.” On October 22, the Los Angeles-based streaming media platform Quibi announced its failure to the outside world. In an open letter to employees, investors and partners, Quibi said it would close the company. , To return cash to shareholders.On October 23, Quibi issued the “Quibi Service Termination Announcement” to the outside world, indicating that it will stop the service around December 1. “We don’t know if Quibi content can be used elsewhere after the last day of service.”
It is worth noting that it was less than 7 months since Quibi was launched on this day. On April 6, the platform was launched in 5 countries including the United States and Canada.
Quibi is not a small company, on the contrary, it was previously known as the most heavily funded media startup ever.
The company received 1 billion U.S. dollars in financing at the beginning of its establishment in August 2018. Until this year when the product was officially released, Quibi had raised 1.75 billion U.S. dollars and gathered many benchmark Hollywood directors and actors. The exploration of hope.
Despite having a strong financial backing and a fantastic team, this exploration ended in failure. After going online, Quibi’s results were disappointing, and news of layoffs and pay cuts continued.
From a post-employment perspective, Quibi’s failure is multifaceted, including external factors that caused changes in the market environment due to the new crown epidemic, but also internal factors such as its own strategy mistakes and lack of explosive products.
Although Quibi has made many attempts to restore the situation, it did not change the fate of failure. As the open letter said, “Our failure was not due to lack of attempts. We have considered and exhausted all available options.”
In addition, it is worth mentioning that Quibi’s main promotion of Chinese video products of about 10 minutes per episode is the new territory that the current domestic long and short video platforms and even more Internet platforms are competing for.
What enlightenment can Quibi’s fiasco bring to them?
Born with a golden spoon
In August 2018, a company called NewTV suddenly became a topic of discussion between Hollywood and Wall Street.
This company has just gotten a $1 billion seed round of financing. The investor team is very luxurious. The shareholders have gathered the Hollywood “six giants”-Disney, Fox, NBC Universal, Sony Pictures, Paramount’s parent company Viacom and Warner. In addition, Lionsgate, MGM, ITV, Goldman Sachs, JPMorgan Chase, and Alibaba have all participated in the investment.
The favor of capital is largely due to the two founders of NewTV, Jeffrey Katzenberg and Meg Whitman.
Katzenberg is a big-time figure with extraordinary influence in Hollywood. In 1984, at the age of 34, Katzenberg became the CEO of Disney Animation, opening a new golden age of Disney Animation. In the ten years under his leadership, Disney has produced classics such as “The Little Mermaid”, “Beauty and the Beast”, “Aladdin” and “The Lion King”.
In 1994, after losing in the competition for the head of Disney, Katzenberg left Disney. But then he and the famous director Spielberg and David Geffen founded the film company Dreamworks SKG (Dreamworks SKG). This time, Katzenberg finally has his own business. The K in DreamWorks’ acronym “SKG” stands for Katzenberg.
In 2004, the animation department of DreamWorks was spun off, and DreamWorks Animation was established, which was listed on NASDAQ in the same year. The original DreamWorks company has been transferred to the film company Viacom in 2006.
In the past 20 years, the DreamWorks animation team has produced famous animation IPs such as “Madagascar”, “Kung Fu Panda”, “Shrek”, “Monsters vs. Aliens Series” and “How to Train Your Dragon”.
However, in Hollywood, animation studios all face the same problem-animation production itself has a long cycle and high cost, and the success or failure of a movie can have a great impact on the company, so the best way is to be acquired to find a backing.
The same is true for DreamWorks Animation. Although Katzenberg is committed to transforming DreamWorks Animation, he finally came to the step of being acquired. In April 2016, Comcast, the parent company of Universal Pictures, officially acquired DreamWorks Animation for US$3.8 billion. Katzenberg, then the company’s CEO, also left.
In 2017, Katzenberg, who was unwilling to be desolate, started his business again and established a company called WndrCo, which is the parent company of NewTV.
For many investors, the most critical reason for investing in NewTV is Katzenberg.
“The reason for many investors is just because of the existence of Katzenberg himself.” Wired magazine wrote, “If Katzenberg is late at the meeting, it must be because he just met with Spielberg to talk. Too long; if Katzenberg leaves the meeting early, it must be because he is talking to Tommy Hilfiger.”
Katzenberg also brought in Meg Whitman, who was an executive at HP and eBay.
It is worth mentioning that Whitman is also a veteran entrepreneur. He has been in charge of eBay for ten years, pulling eBay from a small company of 30 people all the way to the world’s top Internet companies. In 2011, she served as the president and CEO of Hewlett-Packard Company. During this period, she split HP into two companies, namely Hewlett-Packard Company and Hewlett-Packard Enterprise.
The two famous founders of Quibi
In October 2018, NewTV changed its name to Quibi. Quibi’s goal is to target young people aged 18 to 34. It hopes to fill the leisure time of people queuing for coffee or waiting for the subway through high-quality short dramas of about 10 minutes at the Hollywood level.
“We regard Quibi’s content as the third-generation film narrative.” Katzenberg said that according to his statement, the first generation is a movie, and the story of about two hours is watched at one time; the second generation is a TV series. , The length is usually very long, presented in the form of chapters, each about 1 hour, designed according to a whole season or a whole year.
The third generation is a combination of these two forms. It is still about two hours or two and a half hours in length, but it starts to be presented in chapters, with an episode of 6-10 minutes. People can watch only one chapter at a time in “fragment time”.
He believes that such a design meets the needs of users in the mobile Internet era.
According to Quibi’s research, in 2012, the time people spent watching videos on their phones was 6 minutes a day, and by 2018 it has grown to 60 minutes. In 2019, this number has jumped to 75 minutes.
According to data released by the American Motion Picture Association, in 2019, Americans spent more time on mobile devices than they watched TV for the first time in 2019-the time people spend on mobile devices each day increased to 3 hours and 43 minutes, while the time spent watching TV decreased to 3 hours 35 points.
In Katzenberg’s view, new market opportunities have come. The purpose can be seen from the name of Quibi-Quibi is short for “Quick bites”, meaning “quick bites”.
Quibi’s slogan is “Quick bites Big stories”
For the development of Quibi, Katzenberg has great ambitions. He thinks this is a huge undertaking, “bigger than DreamWorks.”
In order to achieve its goal, Quibi recruited a top-notch team from Hollywood companies such as NBC Universal and Lionsgate Entertainment, as well as Internet companies such as Google, Pandora, Hulu, Instagram, and Snapchat, to form a middle and high-level team.
In terms of content creation, in order to attract creators, Quibi has adopted two measures:
One trick is to give a looser policy on copyright. Quibi only owns the copyright of the video content for two years. After two years, the copyright of the video will be returned to the producer. In other words, creators can repackage their content to sell to other platforms after 2 years, and creators will have all rights to their content after 7 years. Such copyright clauses are unprecedented in the US film and television industry.
Another trick is to support high production costs. Quibi’s offer to the project party can reach $100,000 per minute, and its purpose is to provide top-quality videos. Quibi said that its financing amounted to nearly US$2 billion before going live, of which US$1 billion will be fully invested in content production in the first year.
In this case, Hollywood directors and first-line actors line up to collaborate with Quibi. The list of collaborations includes “Jurassic Park” and “Schindler’s List” director Spielberg, and “Pacific Rim” director Jill Mo Del Toro, actor Tom Cruise and Dwayne Johnson and so on.
There is even a saying in Hollywood, “If you have not participated in any of Quibi’s projects today, you can’t be considered a true Hollywood person.”
In terms of content, Quibi believes that young audiences watching mobile videos can basically be divided into two categories, one is movies or TV shows, and the other is filmed by users themselves or by a “semi-professional” team. However, neither of these two types of videos have short, slick and high-quality works, which belong to the blue ocean market.
Aiming at this market, Quibi focuses on three parts. The first part is the movie. This is Quibi’s most important project. It is called the “Lighthouse” project. The situation is to divide a one- or two-hour movie into more than a dozen fragments, each episode of up to 10 minutes long. Quibi hopes to build a HBO that can be compared. The second part is variety shows and documentaries, mainly from traditional TV stations, such as blind date shows, nature documentaries, etc.; the third part is current affairs, sports, entertainment, music in cooperation with BBC, CBS, NBC, ESPN Wait for short news programs.
Quibi uploads 3 hours of new content every day and updates two movies and TV series every week. Quibi, which was launched on April 6, can currently broadcast 50 programs. Including 4 movies, 19 variety shows and a “must-see every day” news program.
Through these programs, Quibi hopes to build a huge boutique content library. According to Quibi’s plan, it will release about 175 programs in the first year, totaling 8,500 episodes, covering movies, sitcoms, reality shows, documentaries and other forms. An average of 25 episodes are updated every day.
In addition, in order to improve the user experience, Quibi has also increased its investment in technology, such as the development of a seamless switch between horizontal and vertical screens, which is called Turnstyle. When users switch between horizontal and vertical screens, the video always ensures the effect of full screen content, and there will be no black borders after the screen size is switched. In addition, when browsing videos, Quibi adopted the same upward swipe method as TikTok.
A strong team, strong funds, and huge content library all make the outside world, including Katzenberg himself, believe that Quibi will undoubtedly succeed.
One of Quibi’s shareholders, Fox’s CEO and media magnate Rupert Murdoch’s eldest son, Lachlan Murdoch, even thinks, “If anyone can succeed, it must be Katzenberg.”
Quibi advertisers are also full of expectations. In 2019, before going online, Quibi’s ads for the next year have been bought out by brands such as P&G, Pepsi, and Google.
For Quibi, “everything is ready, just owe it online”.
Who killed Quibi?
On April 6, 2020, Quibi was officially launched. The first countries to go online include the United States, Canada, the United Kingdom, Ireland, Australia and Germany.
But the unexpected success did not come. On the first day of launch, Quibi had only 300,000 downloads; on April 14, one week after the launch, the company announced that it had received 1.7 million app downloads in the first week.
But then Quibi’s download volume fell all the way, the average daily download volume fell below 100,000, and fell out of the top 30 in the Apple App Store. In May, Quibi’s daily downloads remained below 50,000; after June, the average daily downloads were even below 10,000, ranking below 200 in the US App Store.
In July, the research company Variety conducted a customized survey to evaluate viewers’ views on mainstream streaming services in the United States and found that Quibi is the lowest-used platform. The survey results showed that only 1% of respondents said they had used Quibi in the past month.
Variety’s data shows that Quibi’s usage rate is at the bottom of the mainstream streaming media platforms
In this regard, Katzenberg also admits that the data is completely inconsistent with expectations.
In this situation, Quibi began to be unstable, and early team core members left one after another. In June, Quibi broke the news of layoffs and salary cuts. Executives including Katzenberg cut their salaries by 10% and 250 employees were laid off by 10%.
For Quibi’s failure, Katzenberg attributed it mainly to external causes, “I think all failures are due to the epidemic.”
The epidemic has indeed had a great impact on Quibi. On the one hand, users’ consumption habits have changed greatly. The original typical application scenario of Quibi was fragmented time. “Waiting for people, queuing, traveling on transportation, you may only have a few minutes to turn on your mobile phone to enjoy the content. Quibi was born for this kind of scene and it is a brand new mobile entertainment method.” Quibi CEO Whitman said.
But with the arrival of the epidemic, people have to stay at home, so long videos have become the biggest beneficiaries. Data shows that during the epidemic, users of set-top box company Roku watched an average of more than 3.6 hours a day.
The change in usage scenarios also led to Quibi’s technical strategy errors. According to the initial consideration, Quibi only supports use on mobile phones, it cannot be projected to TV, and there is no PC terminal. But during the epidemic, the experience of TV and computer screens is far better than that of small mobile phone screens, and when people want to play Quibi videos on the TV or computer, they find it impossible.
As a result, Quibi later had to personally “slap her face”: in May it added support for Apple AirPlay, and in June it realized support for screencasting to Chromecast and TVs integrated with Chromecast. Recently, it also released apps for Amazon Fire TV, Apple TV and Android TV.
But since Quibi only supported mobile phones at the beginning, its highest resolution is 1080p, so it lacks ultra-high-definition format, and the TV viewing effect is not good.
In addition to the cause of the epidemic, there is also a view that Quibi’s biggest failure is that it did not create explosive works.
The first batch of online works “survival” scored only 6.5 on IMDb, “Strangers” only had 6.9 points, and “Most Dangerous Game” had the best rating of 7.8 points. In addition, several of Quibi’s works are only rated by hundreds of people, which means that there is almost no popularity.
Quibi’s series “survival”
In terms of variety shows, news, and other products, Quibi’s programs have also been criticized as old and not in line with the appetite of young users. For example, Quibi’s target audience is 18-34 years old, but some of its programs are online 20 years ago, and even some The average age of the viewers of these shows is over 60 years old.
The quality of the work affected Quib’s customer acquisition effect. It is understood that Quibi’s original goal is to achieve 7 million paid subscribers by 2020, and subscription revenue will reach 250 million US dollars.
At the end of April, Quibi launched a 90-day free trial period and cooperated with the telecommunications company T-Mobile. Users of the latter will receive free one-year membership rights to Quibi.
After the trial period, users need to pay to purchase members. Quibi offers two subscription models, the ad version is $4.99/month, and the ad-free version is $7.99/month, both of which support download functions.
However, according to the figures released by Sensor Tower, after a three-month free trial period, only 72,000 users are willing to pay for it, and the conversion rate is only 8%. By October, Quibi had only 400,000 to 500,000 paying subscribers, including users who were able to provide one year of free service through a cooperation agreement with T-Mobile.
This data is quite “ugly”. Compared with other platforms, in November 2019, Disney also launched a paid video-on-demand platform Disney+, which obtained 10 million member registrations on the first day, and the latter was more expensive at $6.99/ month.
In addition, Quibi has also been criticized for making mistakes in its marketing and Internet communication strategies, such as not allowing users to share videos or images on social platforms. Initially, Quibi did not even allow users to take screenshots during playback. The results are all black. As a result, the spontaneous dissemination of Quibi content by users is completely invisible on social media.
In the early days, Quibi also refused to cooperate with Internet celebrities. For example, a video blogger with 37 million subscribers and nearly 6 billion views on YouTube once intended to promote a program of Quibi, but was rejected by the latter.
Due to the lack of optimism in user growth, Quibi subsequently had to compromise and announced that the first two episodes of multiple works such as “The Most Dangerous Game” and “Strangers” would be put on the Youtube platform, hoping to arouse topics and attract more users.
Just before and after the launch of Quibi, rivals such as Apple, Disney, HBO, and the veteran Netflix have also conquered the field of streaming media.
On November 1, 2019, Apple TV+ was launched; on November 12, Disney+ was launched; on May 27, 2020, HBO Max also launched services.
From a user basis, Apple products have 1 billion users, while Netflix has more than 60 million subscribers in the United States. As of April 2020, Netflix has more than 193 million paid subscriptions worldwide.
For example, in terms of content reserves, Disney+ has 500 movies and 7,500 episodes of animation. In addition, Disney+ also integrates the content of its Hulu and ESPN+ platforms.
HBO Max includes all HBO’s existing streaming media resources, plus 10,000 hours of new film and television content. And Netflix also has a solid accumulation of content and is rapidly updating. In 2019, it launched 371 new TV shows and movies.
In terms of capital investment, Quibi is even more incomparable with several giants: Apple spent 6 billion U.S. dollars on the Apple TV+ project, while AT&T plans to invest 1.5 to 2 billion U.S. dollars for HBO Max in 2020, 2021 and 2022. An additional $1 billion will be invested. Even crazier is Netflix. In 2019, the company invested 15 billion US dollars in content. According to the CEO of Netflix, it will continue to increase expenses in the future.
In order to compete for the market, each company began a price war and even a free strategy. Apple announced that users who purchase Apple products after September 2019 can enjoy one year of free Apple TV+ service. HBO announced that starting from April 3, 2020, nearly 500 hours of programs on HBO will be broadcast to users for free for a period of time.
In order to compete, Quibi had to burn money.
According to media reports, Quibi initially had a marketing budget of over US$120 million in the first half of 2020, which even included the Super Bowl (the annual championship game of the NFL Major League Football) and the luxurious advertising time at the Academy Awards. According to data from advertising tracking company iSpot, the company spent $63.7 million on TV advertising in 2020.
The money-burning content production and advertising hollowed out Quibi. Recently, Whitman said that the company currently has at least US$350 million in cash, and it is expected that the company will have more cash to return to shareholders after it ceases business.
This also means that the company, which has raised $17.5, has spent approximately $1.4 billion (approximately RMB 9.337 billion) so far.
And the remaining money is not even enough to support it until 2021.
Quibi is dead.
“We don’t have data and indicators to support another round of financing,” Katzenberg and Whitman said in an open letter to employees and investors on October 22. “The correct approach is to return cash to shareholders.”
While announcing the “end of service” news, Quibi said it is seeking to sell its content and technology assets.
As for how much Quibi is worth? The Los Angeles Times pointed out that analysts believe that this figure is about $500 million to $1 billion.
Wedbush Securities media industry analyst Michael Pachter believes that Quibi is worth US$500 million; and Constellation Research Inc. analyst Ray Wang said that if part of the funds is returned to investors, Quibi may be worth US$1 billion. The price is sold.
Earlier, Katzenberg had contacted companies such as Apple, Facebook, and Warner to seek acquisitions, but was rejected. Part of the reason is that Quibi has less content and unique copyright system-the company only owns the exclusive copyright of the work for two years, and the creator is allowed to authorize it after two years. This means that if the cost cannot be recovered within two years, it is very likely Evolve into making wedding dresses for others. This discourages buyers.
In any case, shutting down Quibi has become a foregone conclusion.
What model is the future of China Video
Regardless of in China and the United States, Quibi’s model is very new and has no successful precedent. With Quibi, which is about to close, a question is becoming more and more important. Is there a future for Quibi’s Chinese video track?
What is Chinese video? There is no authoritative unified definition. In terms of duration alone, the well-known CCTV host Bai Yansong referred to a 5-10 minute video as a medium video. Ren Lifeng, president of Watermelon Video, believes that the duration of China Video is 1-30 minutes.
If you want to define it in general terms from the perspective of duration, short videos with a video length of less than 1 minute and videos between traditional long dramas are considered medium videos.Recently, major domestic platforms have been deploying such a Chinese video field.
On October 20th, Watermelon Video President Ren Lifeng announced that in the next year, Watermelon Video will spend at least 2 billion in subsidies to work with excellent video creators on the “China Video” track.
However, for the first time in his speech, Ren Lifeng gave their detailed definition of “China Video”: In addition to the duration of 1-30 minutes, compared with short videos, most of China Video is horizontal screen, and PGC (Professional Production Content) accounts for a higher proportion. , Requires creators to devote more energy to special production.
In fact, before the watermelon video, the long video platform and the short video platform have already taken actions.
You Aiteng’s exploration of Chinese videos can be traced back to the premiere of “Men of Dio Si” in 2012. In the following years, it also produced “Report to the Boss” and “Unexpectedly” and other works. At that time, this kind of funny short of about 15 minutes The drama was very popular, but it did not form a trend.
In 2018, China Video once again appeared in the vision of UAT as a vertical screen short drama and attracted attention.
In 2018, Tencent’s YOO Video launched more than a dozen vertical screen short dramas including “My Boyfriend Li Sister”, “My Second Boyfriend”, and “The Nemesis of Princess Disease”. In September 2018, at the Youku Autumn Festival Conference, Youku also announced the production of vertical screen content, and plans to release nearly 20 high-quality content. In November 2018, iQiyi launched a self-made vertical screen short drama “Life Starts for Me”. Each episode of the series is less than 5 minutes. At the end of the same year, the “Vertical Screen Theater” was launched.
At the same time, another long video website Mango tv also entered this field. In June 2019, Mango tv launched a 24-episode self-made short drama “Please fall in love with a male nurse”, with an average length of 6 minutes per episode. After that, short dramas such as “The Delusional Girl MOMO” and “Ruyi Bridal Shop” were launched one after another.
In order to compete for this track, several parent video platforms have invested heavily in vertical screen short dramas, such as a more favorable accounting system, and some professional companies have also participated in the production of vertical screen short dramas.
The short video platform is also gradually moving towards longer videos.
In March 2019, Douyin opened the 5-minute video permission for some knowledge and science content; one month later, Douyin again opened the 1-minute video shooting permission to all users. In August 2019, the outside world noticed that Douyin began to test 15 minutes of video in a small area.
With the development of Xiangzhong Video, Douyin is no longer limited to short video tags. In August 2019, at the Creators Conference, Douyin President Zhang Nan defined Douyin as “an encyclopedia of video”.
On the other hand, Watermelon Video clearly focused its strategic focus on “China Video”, which is a differentiator from Douyin. Ren Lifeng said, “Douyin is positioning UGC (User Original Content) products, and Watermelon Video is positioned on the video track dominated by PGC (Professional Content) authors.”
Beginning in July 2019, Kuaishou has gradually opened a 5-10 minute video recording internal test to some users. Kuaishou said that this permission will be fully opened in the future.
Other head content platforms are also working on video. In July 2020, Weibo launched a video account plan, with 500 million cash sharing to support creators; at the end of September, WeChat launched the video upload function for more than 1 minute; in October, Baidu launched an independent video App Baidu Kan.
Up to now, WeChat, Sina, iQiyi, Baidu, Zhihu, etc. have all rushed to the video track.
As long video platforms and short video platforms have participated in the mid-video competition, the combination of long, medium and short videos has become a general trend.
According to Ren Lifeng, the market structure of China Video began to take on the appearance of the “Warring States Period”.
There are two reasons why all parties are actively participating in it, which cannot be ignored:
The first reason is that the industry suddenly discovered that China Video already has a very strong user base. With the development of the mobile Internet brought about by the popularization of 4G/5G and mobile phone devices, there are more and more abundant scenes suitable for watching videos.
Watermelon Video and the new list jointly released the “China Video Creators Career Development Report” data shows that the average video duration has increased year by year, and China Video has become a new outlet. According to calculations, the number of users of high-frequency video consumption in the past year has reached 605 million, and the netizen penetration rate is 64%, that is, 3 users out of 5 netizens have high-frequency video consumption.
Compared with the overall size of 940 million Chinese Internet users, the penetration rate of online video users is 95%, and there is still room for growth in the scale of Chinese video users.
YouTube’s data also shows that the average video duration is increasing. In 2018, the average video duration has exceeded 15 minutes. Even with the rapid development of short videos, the number of YouTube users still maintains a compound growth rate of 21.56. This undoubtedly shows that China Video’s consumer demand and development potential are very considerable.
The second reason is that, for both short and long videos, China Video is still a fertile market, which helps the platform itself out of the user and revenue ceiling.
The duration of the medium video makes it tighter than the long video, and it is easier to tell the complete story than the short video, so you can get a good user viewing experience.
In addition, from the perspective of monetization, the features produced by a professional team make China Video more sophisticated in quality and easier to integrate with business. In addition to advertising placement, the monetization space can even be extended to subscription payments.
From this point of view, China Video Track seems to have unlimited potential, but what strategy can win the market?
So far, Watermelon Video, Douyin, You Aiteng and Quibi have taken different paths.
At present, the practice of Watermelon Video and Douyin is still a traditional platform-based strategy. On the one hand, users are gradually released from the permission of shooting time, and on the other hand, internal resources are introduced, such as Douyin to open up the resources of Watermelon Video.
At the Watermelon PLAY Curiosity Conference, Ren Lifeng said that in the future, Watermelon Video will strengthen its linkage with Douyin in terms of content and search services in China’s video content. In TikTok’s secondary scene, it even opened a horizontal screen playback area for China Video. When uploading videos, the creators of Watermelon Video can choose to sync to Douyin for dual-end distribution.
In the push of China Video content, Douyin and Watermelon Video will continue to play the role of algorithms in the face of rich content. But unlike pure short videos, on China Video, the algorithm also takes into account the user’s active search problem, and requires active search and algorithm recommendation to achieve synergy.
Ren Lifeng was the head of Douyin products. He believes that in the early days, because Douyin users would not actively search, the algorithm decided what to watch. However, users who are consuming video, if they are in a long time and heavy decision-making scene, usually take the initiative. search for.
Compared with Watermelon and Douyin relying on PGC and UGC to produce a large amount of Chinese video content, the current Chinese videos of Uni-Ten including Mango TV are more refined. They choose to make their own or buy the copyright from the drama production agency. For example, iQiyi’s “Life Is Going to Me” and Mango TV’s “Please Fall in Love with a Male Nurse” are all self-made dramas.
Quibi’s Chinese video mainly targets the Hollywood-quality boutique route, and its programs boil down to five major types: movies, TV series, variety shows, documentaries and news.
In terms of content recommendation, Quibi mainly relies on manual rather than algorithm, and a few people decide what content users watch.
However, from the perspective of the development path, the current successful video platforms either start from short videos or rely on long videos. China Video is only regarded as one of their products with rich content and attracting users. But there has not been a successful case of Quibi that started from high-quality videos.
Judging from the status quo, Quibi’s failure is a foregone conclusion. But as the company said in the open letter, Quibi’s fate is mainly attributed to the epidemic or its mode. “Unfortunately, we will never know the reason.”
For other players who are still running wild on the China Video track, how to learn from Quibi’s failure is Quibi’s greatest value.