If you’re in the market for a kinda new, primarily mobile streaming upstart, this may be your lucky day! According to the Wall Street Journal, Quibi is currently “exploring several strategic options” after a rocky debut. These options include raising more money on top of its previously garnered $1.75 billion capitol, a potential merger with a special-purpose acquisition company, or SPAC (which is described as a “blank-check company” that helps the streamer secure more of those flashy, celebrity-packed deals), or just selling the thing outright.
WSJ attributes the information to sources “close to the situation,” however nobody at Quibi has commented on the reported development just yet. This potential move does align with the many setbacks that the platform has endured since its April launch, including, dwindling subscription numbers, disappointed advertisers, and a hefty lawsuit from interactive-video company Eko, which is being funded by hedge fund Elliott Management Corp.
The company currently has enough funds to stay afloat the next few months, which gives founder Jeffrey Katzenberg time to consider the best pivot. There’s also no guarantee that they will actually go through with any of this and will continue on to the best of its ability. When asked about the possible funding or sale options, the company declined to comment. “Quibi has successfully launched a new business and pioneered a new form of storytelling and state-of-the-art platform,” a spokeswoman said in technically true a statement. Yes, Quibi did go through with a launch, despite being in the early throes of a pandemic. Sure, it presents its treasured content in new, frustratingly limiting bite-sized “chapters.” The statement isn’t exactly a lie, it’s just not quite the brag that execs think it is.
But please do not let any of that deter you from finding a few friends, pooling your collective funds, and potentially owning one of the weirdest “chapters” of modern entertainment. And truthfully, it’s not all bad: Over the past months the upstart has learned that nobody wants to be tied to their phone, eased up on its screenshot policy, earned a couple of deserved Emmys, and turned itself into a drive-in at will. Maybe with your help (and wallet), things can get better for Quibi before they get even worse.