Meg Whitman showcased Quibi at CES
Meg Whitman, previously CEO of HP, was on stage at CES today, showcasing Quibi, a new content streaming platform Quibi with Founder Jeffrey Katzenberg, ex-Chairman of Walt Disney Studios. The platform will specialize in providing content in quick bites (under 10min) to cater to viewers on the go.
As the CEO of Quibi, Meg revealed the platform new “turnstyle” feature that adapts content delivery and experience depending on viewer’s portrait or landscape modes. It is not just a matter of rotating the image but also adapting the type of shots dynamically for the delivery mode.
Google, T-mobile and Pepsico joined the stage as partners of Quibi to endorse the platform. The platform has sold out its first year of $150M ad space. This is before any advertisers get a chance to see what the consumers’ response might be to the technology.
Due to its new “turnstyle” feature, all contents on Quibi will be original content. It turns out, more than a streaming platform, Quibi is also a script to screen production company. Quibi is ready to launch with 175 shows and 7500 episodes in all genres, with a slate of Hollywood big names, in front and behind the camera, including Steven Spielberg, Will Smith, and many others.
The company previously raised $1B from investors, including Walt Disney Co., Walmart, Goldman Sachs. Today, it raised an addtional $400M and may add another $100M into the current funding round.
Quibi will be available at $4.99/month with ads, or $7.99/month without ads. The experience is promised to be cleaners with the total ad time of only 2.5min per hour, as supposed to traditional TV ads of 17min per hour. Viewers can join the mailing list on Quibi website for news and updates on its launch.
