Quibi, the shortform video streaming service designed for people to enjoy on their phones, has shuttered after less than a year of existence.

Is Quibi still failing?

Yet just six months after launching their new company, the duo announced Wednesday it would be shutting it down, after failing to gain traction with subscribers. While the project faced skepticism from the beginning, it was highly anticipated because of Katzenberg's reputation as a Hollywood heavyweight.

What is wrong with Quibi?

Quibi had long been mocked for its hodgepodge programming lineup and inscrutable name (short for “quick bites”). ... In the letter, the co-founders said Quibi's failure likely resulted from one of two problems: “because the idea itself wasn't strong enough to justify a standalone service or because of our timing.”