Quibi, the shortform mobile-focused streaming service, is shutting down after just over six months, making it one of the shortest-lived streaming services to date. The company stated that it’ll be shutting down in a Medium post from Jeffrey Katzenberg and Meg Whitman.

“We feel that we’ve exhausted all our options. As a result we have reluctantly come to the difficult decision to wind down the business, return cash to our shareholders, and say goodbye to our colleagues with grace,” the announcement reads.

According to The Verge, there are “any number of factors that can be pointed to in unpacking Quibi’s demise: the launch of a mobile-only streaming service at the height of a global pandemic when users were stuck at home; the lack of any real breakout content that was compelling enough to tempt subscribers; or the fact that shortform video content has a nearly infinite amount of free competition in the form of YouTube, TikTok, and other platforms.

“Quibi itself is chalking up the lack of success because “the idea itself wasn’t strong enough to justify a standalone streaming service or because of our timing.” The company will be notifying current subscribers as to the final date that they’ll be able to access Quibi.

“It’s not clear what will happen to the company’s lineup of expensive, star-studded original shows and shortform films after the shutdown.”

More here.