Quibi founder Jeffrey Katzenberg and CEO Meg Whitman announced the shutdown during an investor conference call on Wednesday, but did not give a date for the shutdown.
Jeffrey Katzenberg, co-founder of DreamWorks Animation, partnered with former eBay CEO Meg Whitman to launch the service.
The Quibi video streaming platform confirmed on Wednesday that it will shut down, only seven months after its launch.
Quibi had recently green-lit a live-action series of Junji Ito’s Tomie manga starring Adeline Rudolph, with episodes that were planned to be less than 10 minutes long.