Streaming service Quibi is to close after just six months.
The short-form streaming platform was founded in August 2018 as NewTV by Jeffrey Katzenberg and was led by Meg Whitman.
However, it has failed to compete with the industry's leaders Netflix and Amazon Prime.
Katzenberg said in a statement: “The world has changed dramatically since Quibi launched and our standalone business model is no longer viable."
Whitman added: “Quibi is not succeeding.
“Likely for one of two reasons: because the idea itself wasn’t strong enough to justify a standalone streaming service or because of our timing. “Unfortunately, we will never know but we suspect it’s been a combination of the two.”
Quibi launched in April and offered bitesize series ideal for watching on commute, but with the coronavirus pandemic, the majority of people were forced to start working from home.
