Last month, former Dreamworks film exec Jeff Katzenberg and former CEO of HP Meg Whitman finally announced a name for their stealthy new startup – Quibi (for “quick-bites”). Quibi is the latest addition to the increasingly crowded streaming video space, offering short-form video content designed specifically for mobile. While streaming services like Netflix, Hulu, and Cable Networks continue to battle-it-out for our 2 hours of attention on their long-form video content, Quibi believes they have identified a new niche of consumers in the rapidly emerging short-form video content space. Short term video content now consumes an average 70 minutes of our attention a day and growing, and now Quibi is betting that 20 minutes of that time will be spent on its platform.
While platforms like YouTube, Instagram, and Facebook were built with and continue to thrive on original user-generated content, Quibi is promising users the quality they’d get from a big Hollywood production in the form of the short, bite-sized content you’d find on Tik Tok, Snapchat, etc. Traditionally, short-term video content is less than 60 seconds, but Quibi wants to take what would be, for example, a 2-hour feature film and unfold it over several multi-minute chapters. Imagine sitting down to watch a movie and only being able to watch eight minutes of it at a time. The platform promises to publish more than 100 pieces of this type of content every week, including both scripted and unscripted original content, exclusives from Quibi’s partner, and other daily news and sports programming.
With existing platforms like Netflix and even Amazon are adapting to this desire for short-form video content, success may seem like a long shot, but Quibi has already managed to recruit a long list of high-profile partners, including filmmakers Sam Raimi, Guillermo del Toro, mega-pop musicians Justin Bieber and Justin Timberlake, and even basketball legend Kobe Bryant. The streaming service isn’t set to launch until April 2020, however, the platform is stirring up conversations of the future of TV and how we digest content.
Why it’s hot: As our daily lives become increasingly more busy, and with more platforms than ever competing for our attention, Quibi is taking a huge gamble on the future of TV and the future of wholly-owned short-form video content. With our limited attention spans and on-the-go lifestyles, there’s a growing need for platforms to adapt and change to how we digest content throughout the day.