Harvard Case - (180) Days of Quibi
"(180) Days of Quibi" Harvard business case study is written by David J. Collis, Terrence Shu. It deals with the challenges in the field of Strategy. The case study is 5 page(s) long and it was first published on : Oct 28, 2021
At Fern Fort University, we recommend a comprehensive analysis of Quibi's strategic missteps and a focus on developing a digital transformation strategy that leverages the power of mobile technology and content creation while addressing the core challenges of user engagement and monetization. This strategy should incorporate a disruptive innovation approach, focusing on creating a unique value proposition and leveraging strategic alliances with established players in the entertainment industry.
2. Background
Quibi, a short-form mobile video platform, was launched in April 2020 by Jeffrey Katzenberg and Meg Whitman, two prominent figures in the entertainment industry. The platform aimed to capture the attention of a mobile-first generation by offering high-quality, bite-sized content specifically designed for mobile viewing. Despite attracting a star-studded lineup of creators and celebrities, Quibi struggled to gain traction and ultimately shut down in December 2020, just six months after its launch.
The case study explores the factors contributing to Quibi's failure, including:
- Misaligned business model: The platform's reliance on a subscription-based model with a high monthly fee failed to resonate with a market accustomed to free or ad-supported streaming services.
- Limited content appeal: While Quibi's content was technically innovative, it lacked the broad appeal and cultural relevance necessary to attract a large and diverse audience.
- Competitive landscape: The streaming market was already crowded with established players like Netflix, Hulu, and Disney+, making it challenging for Quibi to differentiate itself and carve out a niche.
- Technological limitations: The platform's reliance on mobile-only viewing and its limited functionality hampered its ability to reach a wider audience and compete with established platforms.
3. Analysis of the Case Study
SWOT Analysis:
Strengths:
- High-quality content: Quibi invested in producing high-quality, professionally produced content, featuring A-list talent.
- Mobile-first focus: The platform was designed specifically for mobile viewing, catering to the habits of a mobile-first generation.
- Innovative technology: Quibi utilized innovative technology to deliver unique viewing experiences, such as the 'Turnstyle' feature that allowed viewers to switch between vertical and horizontal orientations.
Weaknesses:
- Limited content variety: Quibi's content was primarily focused on short-form entertainment, lacking the breadth and depth of content offered by established streaming platforms.
- High subscription price: The platform's monthly subscription fee was perceived as too high for the amount of content offered, especially considering the availability of free or ad-supported alternatives.
- Lack of social features: Quibi lacked social features that allowed users to share and discuss content, hindering its ability to build a community and generate buzz.
Opportunities:
- Partnerships with established players: Quibi could have partnered with established streaming platforms or content creators to expand its reach and leverage their existing audiences.
- Expansion into new markets: The platform could have expanded into new markets, particularly in emerging markets with a growing mobile user base.
- Develop a more diverse content strategy: Quibi could have diversified its content offerings to appeal to a wider audience, including genres beyond short-form entertainment.
Threats:
- Intense competition: The streaming market is highly competitive, with established players constantly innovating and expanding their offerings.
- Changing consumer preferences: Consumer preferences for content consumption are constantly evolving, making it difficult for any platform to maintain its relevance over time.
- Technological disruption: New technologies and platforms are constantly emerging, potentially disrupting the streaming landscape and posing a threat to established players.
Porter's Five Forces:
- Threat of new entrants: High, due to the low barriers to entry in the streaming market.
- Bargaining power of buyers: High, as consumers have numerous streaming options available to them.
- Bargaining power of suppliers: Moderate, as content creators have significant bargaining power but are also reliant on platforms for distribution.
- Threat of substitute products: High, as consumers can access content through various channels, including traditional television, cable, and free streaming services.
- Rivalry among existing competitors: Very high, as the streaming market is dominated by several established players constantly vying for market share.
Value Chain Analysis:
Quibi's value chain was characterized by a strong focus on content creation and technology development. However, the platform struggled to effectively leverage its value chain to create a sustainable business model.
Key Value Chain Activities:
- Inbound logistics: Sourcing and acquiring content rights, managing relationships with creators and talent.
- Operations: Producing and editing content, developing and maintaining the platform's technology infrastructure.
- Outbound logistics: Distributing content to users, managing user accounts and subscriptions.
- Marketing and sales: Promoting the platform and its content, acquiring new subscribers.
- Customer service: Providing support to users, resolving technical issues, and addressing customer concerns.
Business Model Innovation:
Quibi's business model was based on a subscription-based model, which failed to resonate with a market accustomed to free or ad-supported streaming services. The platform lacked a clear value proposition that differentiated it from existing competitors and justified its high subscription fee.
Corporate Governance:
Quibi's corporate governance structure was characterized by a strong focus on leadership and expertise in the entertainment industry. However, the platform's decision-making process was often driven by a 'top-down' approach, which limited its ability to adapt to changing market dynamics.
4. Recommendations
- Shift to a hybrid business model: Quibi should adopt a hybrid business model that combines a freemium subscription model with ad-supported content. This would allow the platform to attract a wider audience while generating revenue from both subscriptions and advertising.
- Expand content offerings: Quibi should diversify its content offerings to appeal to a broader audience, including genres beyond short-form entertainment. This could include longer-form content, documentaries, and educational programs.
- Develop a strong social media strategy: Quibi should leverage social media to build a community around its content and generate buzz. This could include creating interactive content, encouraging user-generated content, and partnering with influencers.
- Integrate with existing platforms: Quibi should integrate with existing platforms, such as social media networks and streaming services, to expand its reach and leverage their existing audiences.
- Focus on user experience: Quibi should prioritize user experience by ensuring a seamless and intuitive interface, offering personalized recommendations, and providing excellent customer support.
- Embrace a data-driven approach: Quibi should utilize data and analytics to understand user behavior, optimize content recommendations, and improve its marketing efforts.
- Invest in strategic alliances: Quibi should form strategic alliances with established players in the entertainment industry, such as content creators, studios, and distribution networks. This would allow the platform to access a wider range of content and leverage their existing infrastructure.
- Develop a strong brand identity: Quibi should develop a clear and compelling brand identity that resonates with its target audience. This could involve creating a unique brand voice, developing a distinctive visual identity, and engaging in targeted marketing campaigns.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of Quibi's strengths, weaknesses, opportunities, and threats, as well as the competitive landscape and evolving consumer preferences. They address the key challenges facing the platform, including its limited content appeal, high subscription price, lack of social features, and technological limitations.
Core competencies and consistency with mission: The recommendations align with Quibi's core competencies in content creation and technology development while addressing its mission to deliver high-quality, mobile-first content.
External customers and internal clients: The recommendations consider the needs of both external customers (viewers) and internal clients (content creators and talent), aiming to create a platform that is both engaging and profitable.
Competitors: The recommendations acknowledge the intense competition in the streaming market and propose strategies to differentiate Quibi from its rivals.
Attractiveness: The recommendations are based on quantitative measures, such as market size, user engagement, and revenue potential.
Assumptions: The recommendations are based on the assumption that the streaming market will continue to grow and that consumers will continue to demand high-quality, mobile-first content.
6. Conclusion
Quibi's failure highlights the challenges of launching a new streaming platform in a highly competitive market. The platform's missteps, including its misaligned business model, limited content appeal, and technological limitations, contributed to its downfall. To succeed in the streaming landscape, new platforms must offer a compelling value proposition, differentiate themselves from existing competitors, and adapt to changing consumer preferences.
7. Discussion
Other alternatives not selected include:
- Focusing solely on a subscription-based model: While this model can be profitable, it would have limited the platform's reach and appeal to a wider audience.
- Abandoning the mobile-first strategy: This would have alienated Quibi's target audience and undermined its core value proposition.
- Merging with an existing streaming platform: This could have provided Quibi with access to a larger audience and infrastructure, but it would have also required significant compromises and potentially diluted its brand identity.
Risks and key assumptions:
- Changing consumer preferences: The streaming market is constantly evolving, and consumer preferences for content consumption are unpredictable.
- Technological disruption: New technologies and platforms are constantly emerging, potentially disrupting the streaming landscape.
- Competition from established players: Established streaming platforms are constantly innovating and expanding their offerings, posing a significant threat to new entrants.
8. Next Steps
- Conduct a comprehensive market research study: This study should identify the target audience, their content preferences, and their willingness to pay for streaming services.
- Develop a detailed business plan: This plan should outline the platform's business model, revenue streams, marketing strategy, and financial projections.
- Secure funding: Quibi will need to secure funding to support its growth and expansion.
- Develop a content strategy: This strategy should identify the types of content that will appeal to the target audience and ensure a diverse range of programming.
- Launch a beta version of the platform: This will allow the platform to gather user feedback and iterate on its design and features.
- Promote the platform through targeted marketing campaigns: This should include social media marketing, influencer marketing, and partnerships with other companies.
These steps should be implemented over a period of 12-18 months, with regular monitoring and adjustments based on market feedback and performance data.
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Case Description
Mobile streaming app Quibi was ready to take the entertainment world by storm at its April 2020 launch. Backed by $1.75 billion, influential investors from Hollywood to Wall Street eagerly anticipated early success for this brainchild of Meg Whitman, former CEO of Hewlett Packard Enterprise, and Jeffrey Katzenberg, former chairperson of Walt Disney Studios and co-founder of DreamWorks Pictures. Quibi's value proposition was to fill a 'white space' through seven to ten minute dramas, on a platform that was technologically sophisticated for users and extremely copyright friendly for content creators. Six months later, a disappointing lack of demand cornered Quibi into closing shop. Was it poor timing, or inherent business model viability? This case prompts discussion on the complete strategy landscape, from defining the opportunity set and value potential to understanding the ultimate outcome.
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