Quibi short-form mobile video platform founded by Jeffery Katzenberg.
About Quibi Stock
Quibi, short for "quick bites," wants to revolutionize the way people watch videos by breaking them down into a series of short videos, typically about 10 minutes long. The company is geared towards a younger audience and will create the content to be viewed exclusively on mobile phones.
The startup is the brainchild of Jeffrey Katzenberg, who was formerly chairman of Walt Disney Studios before becoming co-founder and CEO of DreamWorks Animation. If anyone can tackle a new video format, it's Katzenberg. Films that have been produced under his leadership include The Little Mermaid, Beauty and the Beast, Aladdin, The Lion King and Shrek.
Katzenberg selected Meg Whitman, who he met at Disney in 1989, to be Quibi's CEO. Whitman is notorious for being eBay's CEO and overseeing the company's growth from $4 million in annual revenue to more than $8 billion in 10 years. Following her stint as CEO of eBay, she ran for governor of California before becoming CEO of Hewlett-Packard.
Why go for mobile? According to eMarketer, the amount of time people spend watching videos on their phones has increased from six minutes per day to close to 70 minutes per day since 2012.
Katzenberg insists he's not going after the big networks, saying "I’m going to continue to believe, and argue, and preach that Quibi is not a substitute or a competitor for television." He pointed out that 10% of Netflix, Amazon and Hulu subscribers watch videos on their mobile phones. That's where he sees an opportunity for Quibi to be geared towards mobile phone viewing.
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