Quibi shuts down six months after launching and having spent over $1b

Short-video streaming service Quibi is shutting down six months after launching, in an attempt to return as much capital to investors as possible, The Wall Street Journal reports. Quibi cost $4.99 a month and hosted programs in 5-to-10 minute “chapters”, formatted to fit smartphone screens. Quibi included some music-related content, such as MTV’s rebooted prank show 'Punk’d' (hosted by Chance the Rapper), Eric André’s 'Rapper Warrior Ninja' show, and a new season of Reno 911. According to LA Times, Quibi raised $1.75 billion in funding from major Hollywood film studios, TV companies, telecommunications companies, technology companies, banks, and other investors including Disney, 21st Century Fox, Sony, Time Warner, Viacom, eOne, Lionsgate, MGM, Goldman Sachs, JPMorgan Chase, Alibaba. At the end of the summer, Quibi had $350 million in funds available.