Quibi Senior Executives Take A Pay Cut — Are They In Trouble?

Quibi is one of this year’s new streaming services. They are trying to stand out by offering shorter episodes (around 10 minutes) that they call “quick bites”. It’s supposed to cater to the younger demographic that is always on the move. Unfortunately for them due to a worldwide pandemic, at the time of their launch in early April no one was on the move. Since it’s launch it has had 1.6 million users sign up for their 90-day free trial and has been downloaded 4.5 million times. These numbers are nothing close to what they wanted to have.

ALSO SEE: QUIBI LAUNCH UNDERWHELMS WITH 300,000 DOWNLOADS IN FIRST DAY

Due to these disappointing figures, Quibi is looking to cut down on costs according to Variety. Jeffrey Katzenberg, founder of Quibi, and Meg Whitman, CEO of Quibi have told employees that they are in a good financial position. This comes after a report from The New York Post that they may have to make cutbacks. Another report also stated that they would have to layoff ten percent of their staff.

Whitman and Katzenberg responded to those allegations by letting their employees know in a memo that, “We are not laying off staff as a part of cost-saving measures.” They further solidified that adding the fact that they had added twelve new Quibi employees. Despite that they are claiming that “because it’s the right thing to do,” the company’s senior executives are voluntarily taking a ten percent pay cut.

If your trying to play down any sign of trouble, having your executives take a pay cut rather than cut jobs is the right way to go. While I have enjoyed some of their series, the app doesn’t have anything special to keep me invested. For me it’s not something that I would pay for. Especially with the other streaming services that I consider “must-haves”. Although they had banked around $1.75 billion in funding, who knows how long they will be able to survive after all that has been 2020. I can easily see this as something that Facebook or Snapchat buys.

ALSO SEE: QUIBI HAS OFFICIALLY LAUNCHED – IS THIS THE NEXT BIG THING?

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Source: Variety

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