How Quibi’s Boomer Execs Sabotaged A $2BN Company By Being Completely Out Of Touch
Thu, 11/12/2020 – 19:20
the downfall of Quibi has created an interesting counterpoint to the fall of Theranos. Though the companies were situated in very different industries, the Theranos story centers around a young woman who treacherously conned investors, journalists and even some of her own employees, before a small group of rebels gave the story up to the Wall Street Journal, which brough the whole sham crashing down.
On the other hand, Quibi wasn’t an illegal scheme; it remains an obviously legitimate business, and it’s certainly possible that a rival like Netflix or Hulu might scoop up some of the assets Quibi might be selling after Jeffrey Katzenberg announced plans to shut it down after an abysmal rollout during the pandemic that made the company into a laughingstock. Customers who signed up for Quibi’s free trial quickly discovered, much to their eventual disappointment, that there was no way to watch the shows on their laptop, or a TV. Quibi’s founders effectively engaged in an act of self-sabotage by ensuring that the smartphone app was the only venue in which their content – the quick “bites” from which Quibi’s name is (again, confusingly) derived – could be consumed.
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