The very public woes of nascent streaming app Quibi continue, with the brainchild of Jeffrey Katzenberg looking to miss its year one subscriber goals by a substantial margin. Since the app’s launch on April 6, its fortunes have continued to trend downward with a variety of meager and mildly watchable shows like Most Dangerous Game, 50 States of Fright, and The Stranger. As those behind the scenes continue to strategize for new ways to get folks on board, Quibi just cannot catch a break and keep up with fellow streaming competition.
A new report from the Wall Street Journal on Sunday (via Variety) indicates how Quibi is set to miss its year one subscriber goal. In a wild turn, Quibi is on track to sign up just 2 million subscribers by the end of year one — April 2021 — rather than meet or surpass the company’s early projection of 7.4 million subscribers. Those lost 5 million subscribers represent a 30% chunk of the subscriber goal Quibi set for itself. To have a clear-eyed view of the track Quibi is on with this current subscription pace is no doubt alarming to those at the company.
As Variety rightly notes, this WSJ report is all the more jaw-dropping because of the massive drop in subscribers since the April 6 launch. Considering folks aren’t even paying for the service yet — an offer for a 90-day trial is still in effect through early July — this could be an early indicator Quibi is not long for this world. Variety cites a report from Apptopia which claims Quibi has been downloaded 4 million times since April but only has about a 30% daily user rate. Quibi is also looking to add the Airplay casting option for iPhone users, per a report from The Wrap in late May, ostensibly in a bid to get those subscriber numbers up despite the app being sold to us for months on the notion this was a phone-focused streaming app. Add to this the fact zero Quibi originals have made their way into the zeitgeist in any buzzy, meaningful way. For all of these reasons make for a very grim future for this company.
As Quibi continues to work overtime to rehab its image and platform mere months after launch, read Collider’s own Dave Trumbore responding to Katzenberg’s recent comments on the apps early failures with a candid takedown of the app.