You may have heard about Quibi thanks to its Super Bowl ad. The LA entertainment startup has been doubling down on publicity as it gears up to launch its bite-sized streaming service.
Or you may have heard about Quibi thanks to the billions of dollars it’s raised to make this possible.
This week Quibi revealed that it raised $750 million in funding ahead of its launch, the company told the Wall Street Journal. This sum includes the $400 million that the company raised at the end of 2019. Quibi confirmed the specifics of the funding in an email to Built In.
The company also previously raised $1 billion, which brings the company’s total funding to a massive $1.75 billion — all before the launch of its product.
Quibi has created a video streaming platform for mobile-first audiences. At no more than 10 minutes, its shows are considerably shorter than your average TV programming. The company has also filmed some of its shows with its “Turnstyle” technology, which changes the camera angle when you flip your phone from landscape to portrait orientation.
Quibi is launching its platform on April 6, and it already has a long list of shows and celebrities on board — ranging from Elba Vs. Block with Idris Elba, Punk’d with Chance the Rapper, Thanks a Million with Jennifer Lopez, Chrissy’s Court with Chrissy Teigen and many more.
With all these shows and celebrities, it’s no wonder what the company is spending this funding money on. Still, Quibi’s investors are placing a big wager on the new streaming platform's success.
“We always have to remember it’s a new brand, a new product offering, a new technology platform,” CEO Meg Whitman told the Journal in an interview. “We just want to make sure we have the financial flexibility and runway to build a long-term business.”
Quibi’s content will be available through a monthly subscription of $5 with ads, or $8 without ads. The platform will reportedly launch with over 50 shows and grow to 175 shows within its first year, according to the Journal. This will account for around 8,500 episodes of original programming — with none over 10 minutes.
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