Short-Form Streaming Platform Quibi Considering Shutdown: Report

LOS ANGELES (CBSLA) - Quibi, the mobile-only streaming platform launched by former Disney CEO Jeffrey Katzenberg, is reportedly considering a plan to shut down.

Launched shortly after the start of the coronavirus pandemic in April, Quibi was initially considered the hot entertainment startup after raising $1.75 billion in capital and landing big names like Demi Lovato, Chance The Rapper, Chrissy Tiegen and others.

But months later, lower than expected viewership and sagging download numbers are pointing to a potential unhappy ending for the startup, according to the Wall Street Journal.

The "quick bites" approach to shareable content failed to make any sizeable impact on audiences, with some company execs citing the pandemic as a factor.

Media reports indicated Katzenberg could be looking to sell off Quibi's content to companies like Facebook and NBCUniversal.

In April, Katzenberg said his company – which has about 270 employees all now working remotely -- decided to move forward with the planned launch date given that with, most of the country under quarantine, people are desperate for fresh content.

"We decided to stay the course and launch today and one of the things that we've seen...since we've made that decision is that watching mobile video...is up 60 percent over last year," Katzenberg said. "So, we may be sheltered in place, but we're watching more video on our phone than we ever have before."