Can Quibi, lead by two execs over 60, attract millennial viewers?
Veteran film producer Jeffrey Katzenberg and former eBay and HP CEO Meg Whitman are hinging hopes that millennials will be willing to spend $5 a month to watch “quick bites” of video content.
Their company, Quibi, has already raised $1 billion from big names in Hollywood.
It describes itself as having the format of Facebook Watch but the quality of HBO.
It’s also asking users to shell out $5 a month just to watch its content — with ads. To remove adds, it will cost $8.
With the streaming wars continuing to heat up and big names such as Disney, WarnerMedia and NBC getting ready to enter the space, Quibi’s ability to compete with Snapchat, Facebook Watch and Instagram is a formidable challenge.
The company’s leadership is also a bit odd.
68-year-old Katzenberg previously worked for Disney producing feature films — and is a vocal supporter of democrats.
Whitman, 63, is a former republican candidate for governor of California and largely worked in the “old” tech world — having lead eBay and HP.
At HP, she was named one of the most “underachieving CEOs” and eventually stepped down.