Quibi Reportedly Shutting Down Only 7 Months After Its Launch

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Quibi, a mobile-only video streaming service meant to provide viewers with “quick bites” of content, is reportedly shutting down only seven months after launching.

The streaming service, founded by Jeffrey Katzenberg with CEO Meg Whitman, failed to find a buyer, according to a Wall Street Journal report, after a rocky launch.

Quibi was cursed with issues since it launched in April, immediately getting hit with less than stellar reviews, followed by disappointing download numbers, and low viewership.

In June, Quibi was on pace to pull in 2 million subscribers by the end of the year, which was well below its projection of 7.4 million subscribers. The app’s 90-day free trial also expired in July, leading to a huge drop in users, as many presumably decided the service was not worth paying for.

The Journal additionally reported that Quibi hired a restructuring firm following its start, which raised $1.75 billion in pre-launching funding. The company provided a list of options to the company’s board of directors, and unfortunately, one was to completely shut the company down.

Quibi is also allegedly holding a call with its investors on Wednesday to give them an update on the company’s status. Katzenberg also, according to a Tuesday report by The Information, has “told people in the industry that he may have to shut down the company.”