“The SPACs are no longer this niche, unusual product,” Danics said. “A lot of people understand it and understand the role that they play in bringing private companies public.”
Katzenberg, who declined to comment on this story, has blamed much of the company’s struggles on the COVID-19 pandemic. A big part of Quibi’s pitch was that its users were supposed to watch videos during “in-between” moments, like waiting for the bus or standing in line for coffee. Those activities were largely curbed by coronavirus closures.
While the health crisis undoubtedly contributed to Quibi’s troubles, the streaming service made other miscalculations, analysts said.
By the time Quibi launched last April, consumers already had a vast amount of streaming options, including platforms with much larger libraries like Netflix and Disney+. That made it critical for Quibi to launch with a lineup of breakout content.
“They’re a late entrant in a very, very competitive market with a ton of programming,” the Convergence Research Group President Brahm Eiley said. “At the end of the day, there wasn’t something that people were dying to sign up for.”
Whitman in June said Quibi does have “some hit shows in the context of Quibi.”
The streaming service renewed multiple shows, including the thriller “Most Dangerous Game,” reality cooking competition “Dishmantled” and prank show “Punk’d” hosted by Chance the Rapper. It recently added “Wireless,” a thriller executive produced by Academy Award-winning director Steven Soderbergh, that allows users to change their viewing perspective by moving their smartphones horizontally or vertically.