Quibi, Canva, Mit Sloan School discussed on Rocketship.fm
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Visit AMS insights dot com slash rocket ship FM start accelerating innovation in your business. That's AMS insights dot com slash rocket ship FM. All right, let me set the scene the location, a bank in the middle of a major metropolis, and right now, there's a bank robbery going down. The robbers run out to find their getaway car, missing. Where's the car? Greg, where are you? I'll be there in a quibi. What? Could be. Less than ten minutes. Quick bites, big stories. Quitting. Be there in a quibi he said, less than ten minutes. And of course, the tagline at the end, quick bites, big stories, that's quibi. And that was a Super Bowl ad, actually, one that aired during Super Bowl 54 for quibi, a short form mobile only video platform that was really sort of like Netflix, but with very short episodes and only available on your smartphone. And in this ad, they joked about the phrase in a quibi, meaning ten minutes or less because the company was only around for about ten minutes. That was kinda hard. All right, all right, it was. You know, they said that because the actual content each episode was at most just ten minutes long on quibi, as opposed to the typical 20 to 45 minute episodes we see most TV series have on the platforms like Netflix, Disney+, Prime Video and, you know, platforms like that. But quibi did fail and it was around for longer than ten minutes, right? But yeah, not that much longer, but yes, we're going to get into all of the details about quibi in this bonus episode of rocket ship FM kind of rehashing our product failure series from a couple years back. This time, focusing on the product failure of quibi. So let's get started. Welcome to rocket ship FM, rocket ship FM is produced in partnership with product collective. We are your hosts, Michael sokka, and I'm Mike del sito. In early 2020, we aired an entire season covering product failures. We talked about products like Google+, blockbuster. We've shared some of our own failures. But right at the time that season was airing another tech company was in the midst of launching quibi. And it wasn't just some small seated startup either. It had a big vision with big financial backers and a list executives. Yeah. And that's probably an understatement. Started funding goes? Well, it raised $1.75 billion before ever even launching from Hollywood film studios, TV companies, telecom companies, technology companies, banks, it was led by Meg Whitman, the former eBay CEO and California gubernatorial candidate, founded by Jeffrey katzenberg, one of Hollywood's biggest film producers. He was the former chairman of Walt Disney Studios, the cofounder of DreamWorks. I mean, by all accounts, it was really set up to succeed really well. But, well, we're featuring it in this bonus episode of product failures for a reason. So it didn't succeed. But first, let's go way back. We should probably go into what quibi actually is. Yeah, and actually, let's let Jeffrey katzenberg tell you himself. Here he is in a conversation with Fox four news Kansas City's Sean Edwards back in April 2020. Well, it's a new subscription service with very, very premium content made by the best storytellers, creators and filmmakers in Hollywood to be watched on your phone using a brand new technology that actually makes it beautiful to watch on your phone. And so new types of stories, movies that are in chapters, everything is under ten minutes. And we have a very rich and diverse offering of content. In the first two weeks, there's over 50 shows and over 500 episodes. So a lot there for people. Okay, so you heard it from Jeffrey katzenberg directly. Short form content every episode under ten minutes long. But really good content. We're not talking about user generated TikTok videos. It's highly produced really good episode of content. And it's designed to be watched on your mobile device with technology that makes you actually enjoy watching content like this on a mobile device. At least that was the concept. And when we say really good content, well, there's something for everybody. For instance, there was Chrissy's court. The people are real. The cases are real, and the judgments are legally binding. I'm fully naked under I think that's the hardest part about being a judge. It's so hot. This is Chrissy's core. Yes, that was Chrissy Teigen and Chrissy's court. Sort of like Judge Judy, only it's Chrissy Teigen. But she's not a real judge. Michael doesn't matter anymore. Small details. It's Chrissy Teigen. She could do whatever she wants. Okay, well done. There are also some thriller series like survive. I'm going to cut to a clip from IMDb to explain this one. In this feature film broken into chapters, Game of Thrones own Sophie Turner stars as Jane, a young woman headed.