By: Economic & Finance Report
The popular mobile video streaming app shuttered its doors on October 21, 2020 Wednesday, after receiving $1.75 billion dollars in VC (venture capital). The executives at Quibi sent a letter to its employees; that they were shutting down after exhausting all options to keep the company afloat.
Quibi’s investors included WarnerMedia, AT&T, Comcast/NBCUniversal, Alibaba, ViacomCBS, Disney, Sony and MGM. They incurred various partnerships with mobile telecommunications companies, for ex. T-Mobile was a provider. The company also had a large celebrity network promoting their mobile app as well. -SB
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