Jeffrey Katzenberg and Meg Whitman Gamble $1.8 Billion on Quibi [The New York Times]
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Source: The New York Times
LOS ANGELES — They had to cancel the premiere party. But Jeffrey Katzenberg and Meg Whitman have stuck with the April 6 start date of Quibi, the short-form video app for smartphones that they hope will attract millions of subscribers.The two veteran executives have led some of the nation’s top companies for decades. But they have spent the last two years in start-up mode, prodding investors to kick in nearly $1.8 billion and courting producers and stars like Jennifer Lopez, LeBron James, Chance the Rapper,Idris Elba“This is either going to be a massive home run or a massive swing and miss,” said Michael Goodman, a media analyst at Strategy Analytics.Quibi, a portmanteau of “quick bites,” will offer movies, reality shows and news programs made for the smartphone, with no installment clocking in at more than 10 minutes. The offerings fall into three main categories: movies that will be released in chapters; documentaries and unscripted reality shows; and quick-hit news and sports report
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