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In July 2020, Sensor Tower reported that about 8 percent of Quibi's early wave of users had converted into paying subscribers, while the subscription analytics firm Antenna reported that 27% of "Quibi day 1, 90-day trial users converted their trials," though Quibi stated that these numbers were inaccurate. From January to mid-June, Quibi raised an additional $750 million in funding. That same month, it was reported that the service was on track for 2 million subscribers in its first year, far below its projected 7.4 million total. Katzenberg and Whitman stated that while Quibi was "in a good financial position" the company's senior executives volunteered to "take a 10% pay cut because it's the right thing to do." The company had reportedly avoided reducing its staffing levels, though the app had fallen out of the top 1,000 apps on Sensor Tower's rankings. īy early June, it was reported that the company implemented voluntary executive pay cuts. Quibi also developed its own screenshotting function. A feature was added to allow shows to be cast from phones onto TVs through AirPlay and Chromecast, with the screen orientation being set to landscape by default. Moves were made to adjust the service by allowing users to share content on social media platforms and to watch shows on televisions in addition to phones.
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Whitman was more positive in her assessment of the launch. Katzenberg acknowledged the performance was "not close to what we wanted," stating, "I attribute everything that has gone wrong to coronavirus"-a reference to the COVID-19 pandemic that was disrupting daily routines at the time of the launch.
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Of those who had installed the app, Quibi says 1.3 million were active users. Sensor Tower also said the app had been installed by 2.9 million customers, although Quibi says the figure was closer to 3.5 million. According to the analytics firm Sensor Tower, by early May, the app was ranked 125th.
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Quibi's app fell out of the list of the 50 most-downloaded free iPhone apps in the United States a week after it was released. In the Google Play store, Quibi was the 11th-most-downloaded app as of April 16. On April 14, the company announced it had seen 1.7 million downloads of its app in its release week. TechCrunch reported that Quibi saw 300,000 downloads and "hit No. version of the app was made available in the United Kingdom, Ireland, Australia, and Germany among others on April 6, 2020. It was available in the United States and Canada. In March 2020, Quibi announced a partnership with Canadian telecommunications company BCE, whereby its Bell Media division would produce Canadian news and sports content for the service (via CTV News and TSN respectively), and Bell Mobility would be Quibi's exclusive Canadian telecom marketing partner.
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In 2020, Quibi presented at CES on its full launch plans including details on its content, technology and partnerships. By late 2019, Quibi announced it had sold out its first-year advertising inventory, which amounted to $150 million. On July 8, 2019, BBC Studios announced it had invested in Quibi. In 2019, Quibi announced it would launch in April 2020 with two pricing tiers.
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In 2018, Quibi raised $1 billion in funding from major Hollywood film studios, TV companies, telecommunications companies, technology companies, banks, and other investors including The Walt Disney Company, 21st Century Fox, NBCUniversal, Sony Pictures, Time Warner, Viacom, eOne, Lionsgate, MGM, Madrone Capital, Goldman Sachs, JPMorgan Chase, Alibaba Group, Liberty Global and ITV. The service targeted a younger demographic, with content delivered in 10-minute episodes called "quick bites" (with the name Quibi derived from "QUI-ck BI-tes"). In October 2018, NewTV was renamed Quibi. Quibi was founded in August 2018 as NewTV by Jeffrey Katzenberg and was led by Meg Whitman, its CEO.