Quibi, the short-video upstart founded by movie mogul Jeffrey Katzenberg, won’t have a Hollywood ending.
The company has decided to shut down after failing to attract enough viewers, according to Dow Jones. Katzenberg called investors on Wednesday to tell them the news, Dow Jones reported. Representatives for Quibi didn’t immediately respond to requests for comment.
The swift demise would mark one of the entertainment industry’s most dramatic flops. Quibi’s app, which launched in April, was meant to showcase engaging short-form videos with big stars. It also used technology that made it easy for viewers to see shows on their phones vertically or horizontally.