Jeffrey Katzenberg defeats COVID-19 pandemic for bumpy launch of Quibi

The launch of Quibi did not live up to the expectations of co-founder Jeffrey Katzenberg. Now he attributes the first disappointing numbers to the coronavirus pandemic. “I attribute everything that went wrong to the coronavirus. All. But we own it, “said Katzenberg the New york times.

He also suggested that he deplored not suspending the launch of the application on April 6. “If we knew March 1, when we were to call, what we know today, you would say it is not a good idea,” said Katzenberg. “The answer is, it’s unfortunate, but we make enough gold with hay here that I don’t regret it.”

Since its release, Quibi has been downloaded 2.9 million times, a figure that includes users who joined via the 90-day free trial, TheWrap reports. CEO Meg Whitman told the store that 1.75 million users signed up for the app during its opening week.

“I’m very happy with our situation, especially after only five weeks,” said Whitman Packaging, sharing that Quibi has had over 3.5 million downloads. “The good news is that we now have customers and are learning more about what these customers want.”

While the app temporarily peaked at # 3 on the Apple App Store, it was fired from that position within a week of its debut. Quibi initially predicted that it would have 7 million registered subscribers and earn approximately $ 250 million in its first year.

“Is this the avalanche of people we wanted and wanted for the launch?” The answer is no. It is not up to what we wanted. It’s not close to what we wanted, “Katzenberg told the Time.

Many streaming services have benefited from nationwide self-isolation as more people stay at home and rely on the Internet for entertainment. However, Quibi has been promoted as something to use during “intermediate times”, such as commuting or queuing, which the public does less during quarantine.

“My hope, my belief was that there would still be a lot of intermediate moments while sheltering on site,” said Katzenberg. “There are still those moments, but it’s not the same. It is not synchronized. “

Quibi could also have a hard time because its shows can only be watched on mobile devices and cannot be broadcast on smart TVs.

When asked what he thought of TikTok’s impending success, Katzenberg said Time, “It’s like comparing apples to submarines. I don’t know what people want from us. What did Netflix look like 30 days after launch? Talking to me about a billion dollar business users and who have been doing well for six weeks, I’m happy for them, but what does that have to do with me? “

Quibi costs $ 4.99 for the version with advertising and $ 7.99 for without advertising. According to Packaging, the app will host 175 TV shows and 35 movies during its opening year and is expected to share three hours of original content each day.

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