An%20open%20letter%20from%20Quibi.%20to%20the%20employees%2C%20investors%2C%20and%u2026%20%7C%20by%20Quibi%20%7C%20Oct%2C%202020%20%7C%20Medium

An%20open%20letter%20from%20Quibi.%20to%20the%20employees%2C%20investors%2C%20and%u2026%20%7C%20by%20Quibi%20%7C%20Oct%2C%202020%20%7C%20Medium: An%20open%20letter%20to%20the%20employees%2C%20investors%2C%20and%20partners%20who%20believed%20in%20Quibi%20and%20made%20this%20business%20possible%20%u2014%0AWe%20started%20with%20the%20idea%20to%20create%20the%20next%20generation%20of%20storytelling%20and%20because%20of%20you%2C%20we%20were%20able%20to%20create%20and%20deliver%20the%20best%20version%20of%20what%20we%20imagined%20Quibi%20to%20be.%20So%20it%20is%20with%20an%20incredibly%20heavy%20heart%20that%20today%20we%20are%20announcing%20that%20we%20are%20winding%20down%20the%20business%20and%20looking%20to%20sell%20its%20content%20and%20technology%20assets.%0AQuibi%20was%20a%20big%20idea%20and%20there%20was%20no%20one%20who%20wanted%20to%20make%20a%20success%20of%20it%20more%20than%20we%20did.%20Our%20failure%20was%20not%20for%20lack%20of%20trying%3B%20we%u2019ve%20considered%20and%20exhausted%20every%20option%20available%20to%20us.%0AWhile%20the%20result%20was%20not%20what%20any%20of%20us%20wanted%2C%20we%20did%20accomplish%20a%20number%20of%20things%20and%20we%20are%20very%20proud%20of%20what%20the%20talented%20Quibi%20team%20has%20built%20with%20the%20blood%2C%20sweat%2C%20and%20tears%20that%20they%20poured%20into%20this%20business%20over%20these%20past%20two%20years.%0AWe%20opened%20the%20door%20to%20the%20most%20creative%20and%20imaginative%20minds%20in%20Hollywood%20to%20innovate%20from%20script%20to%20screen%20and%20the%20result%20was%20content%20that%20exceeded%20our%20expectations.%20We%20challenged%20engineers%20to%20build%20a%20mobile%20platform%20that%20enabled%20a%20new%20form%20of%20storytelling%20%u2014%20and%20they%20delivered%20a%20groundbreaking%20and%20delightful%20service.%20And%20we%20were%20joined%20by%20ten%20of%20the%20most%20important%20advertisers%20in%20the%20world%20who%20enthusiastically%20embraced%20new%20ways%20for%20their%20brands%20to%20tell%20their%20stories.%0AWith%20the%20dedication%20and%20commitment%20of%20our%20employees%20and%20the%20support%20we%20received%20from%20our%20investors%20and%20partners%2C%20we%20created%20a%20new%20form%20of%20mobile-first%20premium%20storytelling.%0AAnd%20yet%2C%20Quibi%20is%20not%20succeeding.%20Likely%20for%20one%20of%20two%20reasons%3A%20because%20the%20idea%20itself%20wasn%u2019t%20strong%20enough%20to%20justify%20a%20standalone%20streaming%20service%20or%20because%20of%20our%20timing.%0AUnfortunately%2C%20we%20will%20never%20know%20but%20we%20suspect%20it%u2019s%20been%20a%20combination%20of%20the%20two.%20The%20circumstances%20of%20launching%20during%20a%20pandemic%20is%20something%20we%20could%20have%20never%20imagined%20but%20other%20businesses%20have%20faced%20these%20unprecedented%20challenges%20and%20have%20found%20their%20way%20through%20it.%20We%20were%20not%20able%20to%20do%20so.%0AWhich%20brings%20us%20to%20this%20moment.%20As%20entrepreneurs%20our%20instinct%20is%20to%20always%20pivot%2C%20to%20leave%20no%20stone%20unturned%20%u2014%20especially%20when%20there%20is%20some%20cash%20runway%20left%20%u2014%20but%20we%20feel%20that%20we%u2019ve%20exhausted%20all%20our%20options.%20As%20a%20result%20we%20have%20reluctantly%20come%20to%20the%20difficult%20decision%20to%20wind%20down%20the%20business%2C%20return%20cash%20to%20our%20shareholders%2C%20and%20say%20goodbye%20to%20our%20colleagues%20with%20grace.%20We%20want%20you%20to%20know%20we%20did%20not%20give%20up%20on%20this%20idea%20without%20a%20fight.%0AOur%20goal%20when%20we%20launched%20Quibi%20was%20to%20create%20a%20new%20category%20of%20short-form%20entertainment%20for%20mobile%20devices.%20Although%20the%20circumstances%20were%20not%20right%20for%20Quibi%20to%20succeed%20as%20a%20standalone%20company%2C%20our%20team%20achieved%20much%20of%20what%20we%20set%20out%20to%20accomplish%2C%20and%20we%20are%20tremendously%20proud%20of%20the%20award-winning%20and%20innovative%20work%20that%20we%20have%20produced%2C%20both%20in%20terms%20of%20original%20content%20and%20the%20underlying%20technology%20platform.%20Over%20the%20coming%20months%20we%20will%20be%20working%20hard%20to%20find%20buyers%20for%20these%20valuable%20assets%20who%20can%20leverage%20them%20to%20their%20full%20potential.%0AWe%20want%20you%20to%20know%20that%20we%20got%20up%20every%20day%20and%20genuinely%20loved%20coming%20to%20work%20with%20the%20most%20remarkable%20and%20passionate%20team%20that%20we%20have%20ever%20assembled.%20We%20will%20be%20forever%20proud%20of%20the%20extraordinary%20partnership%20we%20were%20able%20to%20forge%20between%20the%20best%20of%20Hollywood%20and%20Silicon%20Valley.%0AAll%20that%20is%20left%20now%20is%20to%20offer%20a%20profound%20apology%20for%20disappointing%20you%20and%2C%20ultimately%2C%20for%20letting%20you%20down.%20We%20cannot%20thank%20you%20enough%20for%20being%20there%20with%20us%2C%20and%20for%20us%2C%20every%20step%20of%20the%20way.%0AJeffrey%20Katzenberg%20and%20Meg%20Whitman