You've likely heard of Quibby. You may have even downloaded it, maybe watched one of the

clips on a streaming service, but it's very unlikely that you subscribe to Quibi.

And now that much hype app is no more.

It's calling it quits, just six months after it launched. Here to explain the fall of Quibi and why we

should care is recodes Peter Kofka. Hey Peter. Hello. So for folks who haven't

followed every twist and turn of the Quibi story.

Tell me how this started and just how much fanfare

there was around it earlier this year.

Quibi is a failed video startup.

There's millions of failed startups.

There's lots of failed video. There's lots of failed

video startups. This one's is notable because it is the brainchild of Jeffrey

Katzenburg, a long-time Hollywood veteran, working for a long time at Disney, then went

off to start Dreamworks. He's a big deal, a lot of people pay attention to him,

and he raised an enormous amount of money for this project, $1.75 billion, which is a lot of money for a startup.

And then lastly, he had an idea that ran contrary

to what everyone said would work in video,

which was that he wanted people to pay money

for short premium, I'm doing air quotes around the word premium, clips and he thought

there would be an audience for that and just about everyone said he was wrong.

And what were they offering that was sort of different from

Netflix or Tik-Toc? I mean this was content that was sort of designed for the phone, right?

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