If you’ve never heard of Quibi, the mobile short-form video platform started by former HP CEO Meg Whitman and Hollywood heavyweight Jeffrey Katzenberg, you’re likely not alone.
The service hasn’t even launched yet, and it’s not supposed to for another year.
But Quibi, which is named after the phrase “quick bite” for the types of easily digestible video content it aims to produce, plans to raise an additional $1 billion, on top of the $1 billion it already has, to get its service properly funded to get off the ground, according to a report this The Information.
But Quibi’s founders seeking out as much as $2 billion in funding illustrates how serious a venture has to be to take on the likes of streaming platforms like Netflix and traditional entertainment conglomerates like Disney — even when you have Hollywood and Silicon Valley royalty onboard to make the pitch.
Amazon, on the other hand, is working on massive adaptations of The Lord of the Rings and The Wheel of Time, with the former potentially commanding the biggest budget in TV history.
Meanwhile, Disney is putting a staggering level of investment into its upcoming Disney+ streaming service, pricing it below Netflix’s introductory tier, reserving Avengers: Endgame’s streaming launch for the platform, and putting pretty much every part of the company’s colossal entertainment apparatus to work producing new shows and films that can go on the service, including Lucasfilm with a new trilogy of Star Wars films from Gamne of Thrones showrunners David Benioff and D.B.