The streaming service paid above market rates to secure major talent. Photo / FileAfter only six months in operation, the much-vaunted $2.4 billion ($US1.8 billion) streaming service Quibi is calling it quits. According to the Wall Street Journal, co-founder Jeffrey Katzenberg called investors to tell them the service is shutting down. Investors in Quibi had so much misplaced faith in Katzenberg and fellow founder Meg Whitman's idea, they put almost billions behind the venture. Quibi launched in April to fanfare as a new type of streaming service with short-form content made specifically for mobile devices.

Source: New Zealand Herald October 21, 2020 22:52 UTC