Perhaps the people that invested in this should hire me to evaluate pitches. It took me ten seconds and a google search of Quibi to see that the things was a dumpster full of gasoline saturated paper. Of course both Katzenberg and Whitman have left quite a few dumpster fires behind them before.
Here’s the wiki:
And the NY Times article.
One look at this and it was fairly obvious that it was a disaster waiting to happen. First of all, if an app like that was something that people wanted, the app would have already existed. This isn’t 2011 anymore and smart phones and apps for them have been around for a long time now. Second, there is already a youtube app and youtubers know how to make and present short videos. Also there are a lot of news and information channels on YouTube already.
All that meant that the competition was already baked in. Then there’s the fact that it is unlikely that people want to use their phones and the phone’s tiny screen to watch tv shows. Reading between the lines, this was some Hollywood heavyweights marketing what they assumed was what they thought that young people wanted rather than anyone actually if the market was actually there. Since the people making the pitch were Hollywood heavyweights, they got the money. After all both Katzenberg and Whitman have been making pitches on that scale for a long time and I suspect that the various investors thought that Quibits looked like a good thing.
This wasn’t something entrepreneurial looking for money. This was the heavyweights looking to cash in on a market that they thought was there. That usually doesn’t end well.