Quibi's founder has blamed the short-form streaming service's disastrous start on the coronavirus pandemic.
Even though Jeffrey Katzenberg, an American film producer, helped to crowdfund $1.7 billion (Dh6.24bn) before the platform's launch on April 6, Quibi’s performance has been so dire that its senior executives agreed to a 10 per cent salary cut at the start of June.
There have also been reports that Quibi is currently on course to amass just two million subscribers by the end of its first year, when it had originally projected 7.4 million.
Despite these setbacks, Katzenberg is still optimistic that it can make a recovery in the second half of 2020, as countries across the globe slowly return to normal.
The former Dreamworks co-founder and Disney chairman made this prediction during an online video conversation with Liberty Global chief executive Mike Fries on Thursday, June 18, as part of the sixth SeriesFest. The international television festival is usually held in Denver, Colorado, but had to go virtual this year due to the pandemic.
When the discussion turned to Quibi, Katzenberg noted that it was designed to be watched on your phone during “your in between moments on the go", before then lamenting, “the sad part of all that is that in the very moment that the world stops being on the go, we launched Quibi".
Katzenberg couldn’t help but laugh at the terrible timing of Quibi’s launch, before adding: “That’s the little cement wall that we ran into. But, again, we’re about to be on the other side of that. I’m still optimistic that this userface is actually going to work. People love the content. We put a lot into this.”
I'm still optimistic that this userface is actually going to work. People love the content
One of the main reasons why Katzenberg remains so positive about Quibi’s appeal is that they’ve been able to use the last nine weeks as a beta-test. During this period, Katzenberg and his team have made numerous adjustments to the platform and its interface. Not only is it now more user-friendly, but they’re “leaning in twice as hard on what is working the best, and pulling away from what is not".
After several months of lockdown and social distancing, and with the threat of the coronavirus still lingering, Katzenberg acknowledges that the world is going to run at a very different pace as it incrementally opens back up. However, he believes that this will actually work in Quibi’s favour.
“The difference is that we are all going to be waiting online for more things than we have ever done before. We are going to be waiting like crazy. And I hope that Quibi is going to be there to fill those in between moments.”
Of course, Quibi isn’t the only streaming service contesting for your subscription. However, Katzenberg doesn’t see the likes of Netflix, Amazon, Disney+, HBO Max and Apple+ as its rivals.
“They’re competing for your time in a living room and making you watch long-form, episodic, serialised television,” he says.
Instead, Quibi is vying for attention with YouTube, Instagram, Facebook and TikTok. “We want you from 7 in the morning until 7 at night. We want you when you leave your home and you go out into the world and you have in between times.”
For Katzenberg, Quibi and its new form of storytelling, which sees movies and TV shows split into digestible six to eight-minute chapters, is the evolution of these online channels, and “the next step up in terms of the quality of entertainment that we’re already watching".
Quibi’s fortunes need to quickly improve if it wants to be at the forefront of this change, though. Because, at the moment, it’s drowning in a sea of bad content and unfortunate timing.
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Pari
Produced by: Clean Slate Films (Anushka Sharma, Karnesh Sharma) & KriArj Entertainment
Director: Prosit Roy
Starring: Anushka Sharma, Parambrata Chattopadhyay, Ritabhari Chakraborty, Rajat Kapoor, Mansi Multani
Three stars
The specs: 2019 Mercedes-Benz C200 Coupe
Price, base: Dh201,153
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Nine-speed automatic
Power: 204hp @ 5,800rpm
Torque: 300Nm @ 1,600rpm
Fuel economy, combined: 6.7L / 100km
The view from The National
BAD%20BOYS%3A%20RIDE%20OR%20DIE
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Adil%20El%20Arbi%20and%20Bilall%20Fallah%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EWill%20Smith%2C%20Martin%20Lawrence%2C%20Joe%20Pantoliano%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203.5%2F5%3C%2Fp%3E%0A
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
more from Janine di Giovanni
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
UAE currency: the story behind the money in your pockets
Company profile
Company name: Suraasa
Started: 2018
Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker
Based: India, UAE and the UK
Industry: EdTech
Initial investment: More than $200,000 in seed funding
No Shame
Lily Allen
(Parlophone)
Killing of Qassem Suleimani
MATCH INFO
Manchester United 1 (Rashford 36')
Liverpool 1 (Lallana 84')
Man of the match: Marcus Rashford (Manchester United)
If you go…
Emirates launched a new daily service to Mexico City this week, flying via Barcelona from Dh3,995.
Emirati citizens are among 67 nationalities who do not require a visa to Mexico. Entry is granted on arrival for stays of up to 180 days.
ONCE UPON A TIME IN GAZA
Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi
Directors: Tarzan and Arab Nasser
Rating: 4.5/5
Results:
6.30pm: Maiden Dh 165,000 1,400m.
Winner: Walking Thunder, Connor Beasley (jockey), Ahmad bin Harmash (trainer).
7.05pm: Handicap (rated 72-87) Dh 165,000 1,600m.
Winner: Syncopation, George Buckell, Doug Watson.
7.40pm: Maiden Dh 165,000 1,400m.
Winner: Big Brown Bear, Pat Dobbs, Doug Watson.
8.15pm: Handicap (75-95) Dh 190,000 1,200m.
Winner: Stunned, Pat Dobbs, Doug Watson.
8.50pm: Handicap (85-105) Dh 210,000 2,000m.
Winner: New Trails, Connor Beasley, Ahmad bin Harmash.
9.25pm: Handicap (75-95) Dh 190,000 1,600m.
Winner: Pillar Of Society, Pat Dobbs, Doug Watson.
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Queen
Nicki Minaj
(Young Money/Cash Money)
if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Ordinary Virtues: Moral Order in a Divided World by Michael Ignatieff
Harvard University Press
Mia Man’s tips for fermentation
- Start with a simple recipe such as yogurt or sauerkraut
- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.
- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.
- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.
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The%20specs
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UAE currency: the story behind the money in your pockets
Scoreline:
Cardiff City 0
Liverpool 2
Wijnaldum 57', Milner 81' (pen)
Mohammed bin Zayed Majlis
Biog
Mr Kandhari is legally authorised to conduct marriages in the gurdwara
He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada
Father of two sons, grandfather of six
Plays golf once a week
Enjoys trying new holiday destinations with his wife and family
Walks for an hour every morning
Completed a Bachelor of Commerce degree in Loyola College, Chennai, India
2019 is a milestone because he completes 50 years in business
The specs
Engine: 1.4-litre 4-cylinder turbo
Power: 180hp at 5,500rpm
Torque: 250Nm at 3,00rpm
Transmission: 5-speed sequential auto
Price: From Dh139,995
On sale: now
If%20you%20go
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RESULT
Bayern Munich 5 Eintrracht Frankfurt 2
Bayern: Goretzka (17'), Müller (41'), Lewandowski (46'), Davies (61'), Hinteregger (74' og)
Frankfurt: Hinteregger (52', 55')
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
The Cockroach
(Vintage)
Ian McEwan
