Quibi is reportedly in need of $2 billion to stand a chance to compete with competitive streaming giants like Disney and Netflix
The Video streaming network is still very much adding up, and while it is becoming more saturated, new startups are also preparing a grand entrance to stand a chance in the highly competitive race. Quibi as it is officially been called stand for the shortcut of ‘Quick Bite’- a phrase that is intended to mean easily digestible video content, which is also the aim of the yet-to-exist company.
Owned by former HP CEO Meg Whitman and Hollywood heavyweight Jeffrey Katzenberg, Quibi is set to achieve its plan, with total fundraising of $2 billion, and while it has already gathered up to $1 billion, the startup still needs an additional $1 billion to kick off with its plans. To think that the eye-popping figure is, on the surface, a bit silly for a service that hasn’t launched yet, it, however, doesn’t appear to be a major concern for the company that has managed to raise a billion dollars so far, in fact seeing the company seeking for fundraising at this level shows so much of their readiness.
For me, the only hilarious highlight is the fact that the startup is set to compete with the likes of Netflix and Disney, who have access to tens of billion dollars to execute even a better plan. Last year, Netflix spent $12 billion to acquire and produce content for its platform, and it plans to spend as much as $15 billion this year as well. Disney, on the other hand, is also putting a staggering level of investment into its upcoming Disney+ streaming service, although there is no specific number in its own case, however, rumors have it that the company will be spending more than Netflix in order to move on a faster pace, some of this spending can be seen in its acquisition of some studios including Fox, and Starwars which cost billions of dollars respectively.
What does Quibi have? maybe nothing to stand a chance to compete with the top dogs. I mean a billion dollars can bearly execute 10 quality original content, however, it’s not a bad idea to even try which is exactly what Quibi is currently up to. Trying its possible best!
Do you think Quibi can stand a chance in the streaming network even if they achieve their intended $2 billion fundraisings? Please, do not hesitate to share your opinion in the comment box below.