Quibi will raise another $500 million on top of its current $1 billion, in part for a huge marketing campaign to bolster the public launch of the mobile-video startup
Share to twitterQuibi executives Jeffrey Katzenberg and Meg Whitman with moderator Andrew Nusca at the Produced By Conference at Warner Bros. Studios in Burbank, Calif.
"We’ve just raised $1 billion," said Whitman, a former head of eBay and HP."But we will go out to the market, in the fall or next spring. We don’t need the money right now, but we will need more to get to break even." "Our view is we have to launch with a lot of this new form of content," Whitman said."You can’t go to Quibi on Day One and see 2.4 shows."
Just judging from various comments during and after the appearance, even the thoroughly insider audience had known little about Quibi's business model . It suggests how much work Katzenberg and Whitman still have ahead of them. Katzenberg said for green-lighted projects, the company will pay cost plus 20 percent up to $6 million per hour. At $100,000 per minute, that far eclipses production spending for episodic material on YouTube and other social-media platforms. Even a highly produced and ambitious influencer video on YouTube seldom costs more than $2,000 per minute to produce. And few feature big stars from traditional Hollywood .
Part of what makes Quibi"a new type of content," Katzenberg said, is the way the company is rethinking how people create and consume mobile video. The app-based approach will let them improve that often-mediocre viewing experience for users in a number of ways, he promised.
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