Jeffrey Katzenberg’s streaming service Quibi books $100M in ad sales ahead of launch

TechCrunch | 4/6/2020 | Staff
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Quibi, the short-form video platform founded by Jeffrey Katzenberg, hasn’t even launched but has already booked $100 million in advertising sales, according to a report from The WSJ this morning. The company, which aims to cater to younger viewers with premium content chopped up into “quick bites,” says it has already booked advertisers including Protector & Gamble, Pepsi Co., Anheuser-Busch InBev, Walmart, Progressive, and Google.

It still has around $50 million in unsold ad inventory ahead of launch.

Service - Quibi - Market - Streamers - Netflix

It’s hard to imagine how a service like Quibi will compete in a market dominated by paid streamers like Netflix and free services like YouTube — both preferred by a younger demographic. But Quibi has been raising massive amounts of money to take them on. In May, it was reported that Quibi was going after another billion in funding, on top of the billion it had already raised.

Beyond the industry’s big bet on Katzenberg himself, Quibi has booked big-name talent including Steven Spielberg and Guillermo del Toro, and is filming a show about Snapchat’s founding which may draw in millennial viewers.

Quibi

But it sounds like Quibi may also...
(Excerpt) Read more at: TechCrunch
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