After a six month run, new streaming service Quibi is shutting down. Even with its star-studded endorsements and catchy approach, this new service was unable to compete with the reach and popularity of other streaming giants. 

Launched in the heart of the global pandemic, the service which was meant to give audiences entertainment in small, bite-sized doses failed to get catch viewers attention. Unmatched and outranked with other streaming services such as Netflix and Hulu, the owners and top executives decided after much evaluation to cut their losses and move forward in another direction.

 “Mr. Katzenberg and Chief Executive Meg Whitman decided to shut down the company in an effort to return as much capital to investors as possible instead of trying to prolong the life of the company and risk losing more money, according to the people familiar with the matter,” according to the Wall Street Journal. 

In addition to dissolving the company, Katzenberg is battling lawsuits regarding trade secrets and patent laws in connection to Quibi, and the selling of the platform’s content. No additional information has been released on either matter.