Hollywood-backed streaming service Quibi to shut down after just seven months

Quibi, the well-funded short video app that billed itself as Hollywood's answer to TikTok and YouTube, is shutting down just seven months after launching to the public, according to reports. Founded by the legendary former Disney and Dreamworks executive Jeffrey Katzenberg in 2018, and boasting bite-sized serials with stars such as Laurence Fishburne and Anna Kendrick, Quibi's promise to give traditional studios an edge in the streaming wars attracted $1.75bn (£1.3bn) in funding. But on We