Quibi’s founders tell us that the name stands for “quick bites.” They were prophetic: the mobile-streaming app looks like it will quickly bite the dust.
When it launched on April 6, users were offered a 90-day free trial. Regardless, few signed up. As of last week, there were around 1.5 million registered users — a number so low that advertisers have reportedly asked to renegotiate their deals.
It gets worse. With free trials now starting to end, few of those users are opting to pay for more. Among those who signed up on April 6–8, no more than 72,000 — 8% of the total — have shelled out for a subscription ($4.99/mo with ads, $7.99 without), according to market analysts Sensor Tower. If that rate continues, Quibi will end up converting only 360,000 trials into paying customers.