A rough start for Quibi keeps getting worse.
After a start that exceeded expectations, the “quick bites” streaming service quickly started losing subscribers. They backtracked on their “mobile only” policy but still saw viewers leaving in droves – despite the fact they’re all still not paying for the service.
And now a new report says they’ll miss their one year subscriber goal by more than 5 million. By April 2021, it’s estimated they’ll have a little over 2 million paid subscribers – far from the estimated 7 million they expected.
Quibi executives blame the cononavirus pandemic, but industry experts say Quibi lacked “gripping” content. There was OK content, but there wasn’t a must-see show that dominated social media and had people flocking to the service.
Only 30 percent of the streaming service’s subscribers are daily users, and the app saw its lowest level of first-time installs this past week of June 9. And with their longer-than-usual trial period of 90 days, it means nobody’s paid for a subscription yet. When it comes time for those first signups to start handing over money, things could start to look even more bleak.
In all fairness, the coronavirus pandemic and racial tensions across the country do have people focusing their attention elsewhere. The service stopped advertising last week and didn’t debut any new shows, saying it was a time to “step back and be a part of the discussion.”
But the biggest question seems to be: is there ever going to be a good time for Quibi?