In today’s installment of not-so-shocking Quibi news, we learn that a big chunk of the video platform’s subscribers doesn’t plan on sticking around very much longer. Data insights company Kantar reports 33% of Quibi users say they plan to cancel within the next three months.
Further findings show Quibi gained a mere 3% of subscribers during the year’s second quarter, but it sounds like all of those are planning to leave the quick bite streamer behind for greener pastures. With a myriad of new streaming services vying for customers, Quibi doesn’t seem to be able to hold its ground amid the competition. Quibi, HBO Max, and Peacock all launched within the same quarter alone (Peacock launched to Xfinity customers April 15 and worldwide on July 15).
Kantar’s research also seems to hint that Quibi customers aren’t a loyal breed. The average Quibi user holds about 5 streaming service subscriptions. That’s a pretty high and unsustainable number given the market average subscribes to just 3. It kind of makes you think Quibi’s subscriber base is built of viewers who are shopping around before they pick a streamer to stick with.
It seems everyone is trying to pinpoint exactly just what went wrong for the short form streaming service, but there doesn’t seem to be one easy answer. Founder Jeffrey Katzenberg blames the entirety of his platform’s downfalls on the coronavirus, based on the fact Quibi’s 10 minutes or less content was designed for people on the go. But a worldwide pandemic basically kept people at home for months, definitely not the kind of schedule that only allows time for short mobile clips while running from here to there. Quibi finally made casting to a TV screen available, as well as sharing its content on social media and other web platforms, but so far nothing seems to be its saving grace.
Recently we reported Quibi is piloting a free ad-supported tier in Australia and New Zealand, along with lowering its monthly subscription price. Whether or not that strategy is successful could determine if we can expect to see the same in the US and worldwide.
Despite plenty of star power including Chrissy Teigan, Chris Hemsworth, Kevin Hart, and Migos just to name a few, Quibi has struggled to retain (or even generate) interest right out of the gate. Reports show the quick-bite video platform lost 90% of its users after the free trial ended just 90 days after launch.
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