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The end is in sight for Quibi, PayPal adds cryptocurrency support and Netflix tests a new promotional strategy. This is your Daily Crunch for October 21, 2020.
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The much-hyped streaming video app led by Jeffrey Katzenberg and Meg Whitman, which raised nearly $2 billion in funding, is shutting down, according to reports in The Information and The Wall Street Journal.
Katzenberg, a longtime Hollywood executive, had blamed the coronavirus pandemic for a lackluster launch in May — an app designed for on-the-go viewing didn’t have much appeal when people were largely stuck at home. And whatever the reason, none of Quibi’s shows ever became a breakout hit.
Quibi did not respond to requests for comment, but Katzenberg is reportedly notifying investors that the company is shutting down.
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Image Credits: Daniel Boczarski / Getty Images
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Image Credits: Dan Kitwood / Getty Images
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Image Credits: Syte / Syte
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Image Credits: Brain Corp.
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