Roku announced Friday that it is acquiring the rights to stream all of Quibi’s library of 75 original shows to its more than 50 million users.
Why it matters: The deal is part of a broader effort by Roku to offer free content that the platform believes will help attract and retain subscribers.
Details: Specifically, the content from Quibi will help Roku attract a younger audience, which provides a lucrative advertising opportunity.
- All of Quibi’s content will live on Roku’s free, ad-supported channel. The Roku Channel is one of the most popular on Roku’s smart TV platform.
- Roku acquired Quibi Holdings, LLC, the company that holds all of Quibi’s content distribution rights following an internal restructuring.
- The deal is really just about acquiring content. No employees were acquired and financial deal terms were not disclosed.
What they’re saying: “The most creative and imaginative minds in Hollywood created groundbreaking content for Quibi that exceeded our expectations,” said Quibi founder Jeffrey Katzenberg.
- "We are thrilled that these stories, from the surreal to the sublime, have found a new home on The Roku Channel.”
The big picture: Quibi had struggled to hit its subscriber growth targets during the global pandemic.
- The app shut down just six months after launch. Its high-profile founders Meg Whitman and Jeffrey Katzenberg had touted it as a revolutionary new way to consume premium content on phones.
