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Quibi preso final
- 1. A Case Study in Not Understanding Your Audience By Sam Druker (smdruker)
- 2. What Is Quibi? ● Quibi is a phone-exclusive paid streaming platform for short episodic content ● Founded by Ex-Disney Executive Jeff Katzenberg ● Each episode is under 10 minutes of professionally produced content
- 3. Pitch ● Katzenberg describes Quibi as an “on-the-go diversion for anyone standing in line at Starbucks or riding the subway” - NYT ● Short-form content made by your favorite hollywood stars to pad out extra time you have throughout the day ● This extra time would otherwise be spent on Facebook, YouTube, etc.
- 4. Pitch ● Coronavirus changes the context of this pitch seriously ○ Nobody is out waiting for subways or coffee right now ● Katzenberg blames Covid-19 for Quibi’s rocky start ○ “I attribute everything that has gone wrong to coronavirus. Everything.” -Katzenberg ○ Video streaming services report that usage is up by over 50% since quarantine started
- 5. Persona Concerns Quibi seems to be trying to split its attention between two different personas
- 6. The Two Types of Persona ● “Think about how often you use your phone when you’re homebound. People who are home with their children would really like a 10-minute break.” -Meg Whitman, CEO of Quibi, to NYT ○ Implies older persona who uses Quibi as a faster substitute for Netflix or Hulu ● “We’re competing against free” -Katzenberg, to The Verge ● “Katzenberg sees [Quibi] as competing with apps that take up time on your phone for free” -The Verge ○ Implies younger persona who uses Quibi as a substitute for TikTok, YouTube, Instagram
- 7. Personas ● Persona 1: Sarah ○ 43 year old mother of two ○ Watches Netflix on her computer at home to relax ○ Not used to this sort of short-format content, spends less time on YouTube than her kids do ○ Likely already has Netflix, Hulu, or some other long-form streaming service
- 8. Personas ● Persona 2: Mike ○ 22 years old, just out of college ○ Spends free time on phone either watching YouTube, scrolling through Twitter, or browsing the web ○ Already has favorite YouTube channels to watch for free ○ Doesn’t see a “Killer App” on Quibi, so doesn’t want to pay for it!
- 9. Financial Info ● Raised almost $2 billion by launch ○ Plan to spend over $1 billion in first year on shows ● Has not seen widespread adoption or success ○ Less than 3 million downloads ○ Around 1.3 million active users ● Not yet profitable
- 10. Business Model ● Two payment plans, $4.99/mo with ads or $7.99/mo without ● No free-to-use option! ○ In order to get downloads, Quibi offered a 3 month free trial for new users
- 11. Company History ● Initially called “NewTV” in 2017 ○ Whitman and Katzenberg started fundraising for short-form content at this time ● Company founded in 2018, $1b in funding in first year ○ Funding was reinvested into original show creation ● Launched on April 6, 2020 with 50 shows and aggressive ad campaigns
- 12. Does Quibi Have Hot Products? Potentially? ● “Chrissy’s Court,” a reality show about Chrissy Teigen acting as a judge in a small claims court similar to Judge Judy ○ Mixed, somewhat positive reception overall ● “Most Dangerous Game,” a 15-episode short-format TV show based on the short story of the same name ○ 59% critic score on Rotten Tomatoes, one critic calls it “The very definition of fine”
- 13. Secret Sauce ● Quibi’s priorities are simply not in order ● They value episodic narratives that aren’t currently succeeding with short form content ● Top YouTube content creators frequently recommend against making narrative-style content out of fear of alienating new viewers Going to Hollywood to make these shows instead of addressing already popular internet content creators was Quibi’s largest and most expensive mistake
- 14. Competition “We’re competing against free” -Katzenberg
- 16. More Trouble Ahead: Content Theft Allegations ● Memory Hole (2020) is a “found footage” style show on Quibi ● Confusingly derivative of an old show from 2014 ● Memory Hole (2020) uses clearly derivative visual design
- 17. Predictions Quibi fails to engage with its audience in the right way, because it’s a solution looking for a problem I could see this company succeeding if they expanded into other forms of content, but as is Quibi comes across as just an inferior, paid alternative to YouTube with less content and more restrictions They are launching a desktop version soon, but I do not think it’s enough
- 18. References ● https://screenrant.com/quibi-theft-allegations-eko-shows-turnstyle/ ● https://finance.yahoo.com/news/quibi-170717798.html ● https://www.nytimes.com/2020/04/05/business/media/quibi-streaming-app-jeffrey-katzenberg-meg-whitman.html ● https://variety.com/2020/digital/news/quibi-750-million-funding-investment-mobile-video-1203523586/ ● https://pitchbook.com/profiles/company/228899-44#overview ● https://www.theverge.com/2020/3/4/21165312/quibi-funding-investors-jeffrey-katzenberg-launch-date-price ● https://www.nbcnews.com/news/all/barry-diller-weighs-hollywood-streaming-wars-n1149316 ● https://deadline.com/2020/05/quibi-injuction-lawsuit-coronavirus-motion-jeffrey-katzenberg-eko-turnstyle-technology-1202928937/ ● https://deadline.com/2020/05/stakes-jump-in-quibi-legal-fight-as-ellliott-management-finances-eko-lawuit-against-jeffrey-katzenberg-founded -streamer-report-1202924663/ ● https://www.nytimes.com/2020/05/11/business/media/jeffrey-katzenberg-quibi-coronavirus.html?auth=login-email&login=email ● https://www.nytimes.com/2018/08/07/business/media/katzenberg-streaming-video.html ● https://en.wikipedia.org/wiki/Quibi ● https://www.rottentomatoes.com/tv/most_dangerous_game/s01