The founder and CEO of the mobile streaming service Quibi are calling it quits after launching a little over six months ago, with nearly $2 billion in start-up capital.
According to Deadline, investors would learn all the details to ending the short-form video service, which could include selling the content or the entire service.
Subscribers will be notified at a later date since it will take a few months to shut everything down, including the loss of 200 employees.
Most likely the coronavirus put a damper on Quibi’s on-the-go concept.