- Upcoming video content streaming company Quibi announced it raised $750 million in additional funding
Quibi — the upcoming video content streaming company founded by Meg Whitman and Jeffrey Katzenberg — announced it raised $750 million in a funding round. With this round of funding, Quibi has raised a total of $1.75 billion. Quibi is officially launching on April 6.
Quibi plans to distinguish itself from other streaming services by offering exclusive programming at somewhere between 4 and 10 minutes per episode with a mobile-first strategy. The video content will also have different angles while viewing it in portrait or landscape mode on mobile devices. And Quibi will also offer new episodes on a daily basis.
Some of Quibi’s investors include all of the major movie studios. Goldman Sachs and Alibaba are also investors in Quibi. And the second round of funding includes existing investors and new participants.
“We are not disclosing specific investors, but we have a very solid group of investors — both strategic and financial,” said a Quibi spokesperson.
Quibi plans to monetize its service for $8 per month without ads and $5 per month with ads. The funding will be used to make sure that the company has the financial flexibility to build a long-term business. In Quibi’s first year of operations, the company is planning to offer 175 shows with 8,500 episodes.
In terms of ad partners, Quibi already sold out of the $150 million in available ad inventory for the first year.
