Quibi has announced that it expects to shut down its mobile-first video service on or around December 1st. Quibi released the news in a post on their customer service page.
The announcement means subscribers now have an idea about the future of the app following the news on Wednesday that it would be ceasing operations after failing to gain traction with subscribers.
The notice also says the company does not yet know whether Quibi content will be made available elsewhere after the app is shut down.
The news comes as more headlines surrounding the app emerge. The Financial Review reports that the Australian Government’s Future Fund, an independent but government-owned investment fund, invested some $50 million in Quibi. A spokesman tells the outlet “we’ll be receiving capital back”.
Meanwhile interactive-video firm Eko tells Variety it will continue to pursue its litigation against Quibi for allegedly infringing one of Eko’s patents and misappropriating trade secrets – all tied to Quibi’s Turnstyle feature which determines the orientation of a viewer’s phone and presents content in the appropriate mode. A judge has already dismissed three of Eko’s nine claims.
Source: Tech Crunch
