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Quibi, the upcoming short-form streaming service that continually makes headlines for raising piles of money from every company on the planet — just made headlines for raising money again. BBC Studios, the production arm of the U.K.’s BBC, announced an investment of an undisclosed sum in the platform yesterday. The BBC is joining an expansive roster of Quibi investors that includes Disney, Sony, Warner Bros., Fox, Viacom and Goldman Sachs. Beyond that, Google, WalMart, and Proctor & Gamble are among the service’s advertising cohorts.
Quibi, short for “quick bites,” raised $1 billion last year and seeks to raise an additional $500 million by early 2020. The service will launch on April 6, 2020.
Lot - Partnerships - Lot - Money - Platform
That’s a lot of partnerships and a lot of money, especially for such an experimental platform. Quibi, the brainchild of entertainment industry giant Jeffrey Katzenberg, is billing itself as a mobile-only streaming service that promises to deliver quality films and television shows in short chapters that can be quickly watched on the go.
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Course - Hollywood - Venture - Capital - Firms
Of course, Hollywood and venture capital firms have no qualms about throwing large piles of cash at just about anything that promises to revolutionize entertainment. That said, Quibi has an especially strong, sustained track record for investments, even by American business standards. The seemingly weekly scoops about the platform’s new financial backers and creative partners begs the question of how Quibi has generated such industry hype.
The strongest selling point—for investors and other industry insiders, anyway—is probably less about the platform itself and more about the duo selling it. Katzenberg, the former Walt Disney Studios chairman and DreamWorks Animation co-founder, has an impressive industry track record and his words carry considerable weight. Selling the idea of a streaming service that won’t be compatible with desktop computers or built...
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