Quibi shuts down after less than 7 months as streaming service draws little interest in its short-form videos

Quibi, short for “quick bites,” launched in early April with a bold bet on shows and movies with episodes lasting 10 minutes or less. The company charged $5 a month for people to watch with ads and $8 for a commercial-free version. Backers included major entertainment and media companies such as Walt Disney Co., ViacomCBS, AT&T’s WarnerMedia, Sony Pictures Entertainment and China’s Alibaba Group, along with more traditional financiers such as JPMorgan Chase & Co., Goldman Sachs and Madrone Capital.

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