Quibi Sells $100M in Ad Inventory Well Ahead of April 2020 Launch
This should quiet the naysayers: Quibi, the mobile-only short form video network that will debut on April 6, 2020, announced it has already taken in $100 million in upfront ad sales. The platform is selling category exclusives, and has made deals with Google, Procter & Gamble, PepsiCo, Walmart, Progressive, and AB InBev.
Quibi (a shortening of "quick bites") is helmed by founder Jeffry Katzenberg and CEO Meg Whitman, and will sell subscriptions when it launches ($5 per month for ad-supported and $8 per month for ad-free). It's attracted a major list of names already, with partners including Sam Raimi, Steven Soderbergh, Anna Kendrick, and Catherine Hardwick. Last week, the service made headlines by announcing Steven Spielberg is creating a horror series for the platform called After Dark which will only be viewable when it's dark outside. In all, the platform plans to launch with a library of 7,000 titles.
Shows on Quibi will be preceded by a single unskippable ad of either 6, 10, or 15 seconds. Other ad types are in the works, Variety reports.
Investors include Disney, NBCUniversal, Sony Pictures Entertainment, Viacom, WarnerMedia, Lionsgate, MGM, and more, with total investment reaching $1 billion. The first year's content will cost a hair more than that, at $1.1 billion. Quibi hopes to raise an additional $500 million prior to launch.
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