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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Apple Inc.    AAPL

APPLE INC.

(AAPL)
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Streaming service Quibi to wind down operations six months after launch

10/22/2020 | 03:44am EST
Quibi founder Jeffrey Katzenberg speaks during a Quibi keynote address at the 2020 CES in Las Vegas

(Reuters) - Streaming service Quibi said on Wednesday it intends to wind down its operations and start a process to sell its assets, just six months after its launch.

The announcement highlights the dominance that Netflix, Amazon's Prime Video, Disney+ and Apple TV+ hold over smaller streaming service providers, which struggle to keep up against their large content budgets and vast libraries of shows.

"The world has changed dramatically since Quibi launched and our standalone business model is no longer viable," founder Jeffrey Katzenberg said in a statement.

Los Angeles-based Quibi offers entertainment and news in episodes of 10 minutes or less on mobile phones, initially promoted for on-the-go viewing. The service was priced at $5 a month with advertisements, or $8 a month without them.

"Our failure was not for lack of trying; we've considered and exhausted every option available to us," Chief Executive Meg Whitman and Katzenberg said in a letter to employees. They said the failure could be either because the idea itself wasn't strong enough to justify a standalone streaming service or because of its timing.

Quibi, which is backed by $1.8 billion (1.4 billion pounds) from Hollywood studios and other investors, was launched on April 6 when audiences were sheltering at home to help prevent the spread of the coronavirus.

Popular shows on the service included "Most Dangerous Game" starring Liam Hemsworth and Christoph Waltz and "Chrissy's Court" and news and talk shows like "Around the World by BBC News" and "The Report by NBC News".

Besides ad sales, Quibi has generated $3.3 million in subscription revenue since its launch, with revenue trending downward since July, according to analytics firm Apptopia.

(Reporting by Ayanti Bera in Bengaluru; Editing by Anil D'Silva and Maju Samuel)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. -0.52% 3186.73 Delayed Quote.72.46%
APPLE INC. -0.11% 122.94 Delayed Quote.67.66%
NETFLIX, INC. -1.16% 497.52 Delayed Quote.53.76%
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Financials (USD)
Sales 2021 315 B - -
Net income 2021 66 259 M - -
Net cash 2021 80 862 M - -
P/E ratio 2021 31,1x
Yield 2021 0,69%
Capitalization 2 090 B 2 090 B -
EV / Sales 2021 6,38x
EV / Sales 2022 6,01x
Nbr of Employees 147 000
Free-Float 99,9%
Chart APPLE INC.
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Apple Inc. Technical Analysis Chart | AAPL | US0378331005 | MarketScreener
Technical analysis trends APPLE INC.
Short TermMid-TermLong Term
TrendsBullishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 43
Average target price 127,20 $
Last Close Price 122,94 $
Spread / Highest target 22,0%
Spread / Average Target 3,46%
Spread / Lowest Target -39,0%
EPS Revisions
Managers
NameTitle
Timothy Donald Cook Chief Executive Officer & Director
Arthur D. Levinson Chairman
Jeffrey E. Williams Chief Operating Officer
Luca Maestri Chief Financial Officer & Senior Vice President
Kevin M. Lynch Vice President-Technology
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