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Quibi, the ambitious short-form video venture from Jeffrey Katzenberg and CEO Meg Whitman, has sold $100 million in upfront ad inventory with six advertisers ahead of its April 2020 debut.
Advertisers that have committed ad spending to Quibi include Google, Procter & Gamble, PepsiCo, Walmart, Progressive and AB InBev, according to the company. The $100 million in deals represents two-thirds of Quibi’s $150 million in first-year ad inventory.
Whitman - Interview - Variety - Studio - Cannes
Whitman, in an interview at Variety Studio at Cannes presented by Inscape & iSpot.tv, said Quibi inked the deals after going to pitch marketers starting in the February. “What we aspired to do was build a platform that advertisers would love,” she said. “We wanted to get a small number of innovative, iconic brands to help us do that.”
Asked how Quibi was able to book the deals, Katzenberg quipped, “I got Meg Whitman — that’s what I did,” referring to the former CEO of HP and eBay. “She closed the deals. My job was easy.”
Ad - Clients - Whitman - P - G
Each of the initial ad clients are category-exclusive, according to Whitman (i.e., P&G is the sole consumer packaged goods advertiser). Quibi is looking to sign perhaps two or three more such deals. It won’t sign a telecom advertiser, though, because Quibi is in the midst of negotiating an exclusive distribution deal with a U.S. wireless provider, Whitman added. Hollywood movie studios, most of which have invested in Quibi, also will be advertisers on the service.
Quibi has set April 6, 2020, as its launch date. The mobile-only subscription video service will include premium scripted and unscripted content, chunked into sub-10-minute episodes. Quibi will cost $5 monthly with ads and $8 for an ad-free tier.
Quibi - Advertisers - Environment - Version - Service
Quibi is offering advertisers what it claims will be an uncluttered environment: The version of the service with ads will include a single, non-skippable preroll ad (of 6,...
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