Veteran Silicon Valley executive Meg Whitman and Hollywood mogul Jeffrey Katzenberg have raised a $400 million 2nd funding round as Quibi prepares to launch
The service debuts April 6, and will feature original, short-form content from Hollywood stars like Jennifer Lopez and Liam Hemsworth and directors Catherine Hardwicke and Guillermo Del Toro . The startup initially raised an eye-popping $1 billion from investors on the strength of its executive team.
Whitman and Katzenberg used the prominent platform of the electronics trade show to publicly unveil Quibi, offer a sampling of its exclusive programs and tout its technology, dubbed “turnstyle,” that allows viewers to move seamlessly between full-screen portrait and landscape mode. It’s a presentation calculated to generate buzz.
The former chairman of the Walt Disney Studios and cofounder of DreamWorks SKG says he also learned from the early 2000 failure of Pop.com, an entertainment site backed backed by Katzenberg, Steven Spielberg and David Geffen, and Brian Grazer and Ron Howard of Imagine Entertainment. Pop had promised to bring Hollywood-caliber entertainment to the Web.
Quibi will offer three categories of content: movies told in chapters of seven to ten minutes in length; episodic, unscripted shows and “Daily Essentials” of news and information offered in compressed five to six minute bursts.It centers on a high school senior, played by Helena Howard, who can’t shake the feeling that something about her just isn’t right—that she’s not human.
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