Meg Whitman says Quibi reached 1.7 million downloads in first week

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New mobile streaming service Quibi recorded 1.7 million downloads in its first week, CEO Meg Whitman said on CNBC’s “Squawk on the Street” on Monday.

The service was launched in the midst of the Covid-19 pandemic on Monday, wondering if consumers would adopt the mobile streaming platform while being at home with full-screen TVs. Quibi, which means “quick bites”, was originally envisioned as an app that users would stop to watch for something while on the go, such as queuing for coffee or commuting, experiences that few consumers have. Nowadays.

“It turns out that people have intermediate moments at home,” said Whitman. “We don’t really think it hurt us. “

But Whitman said first week downloads have exceeded expectations while registrations are still in a 90-day free trial period. In a first sign of engagement, Whitman said that 80% of those who started a program watched it during the first episode.

However, the adoption is small compared to launches like Disney’s streaming service, Disney +, which announced the day after its launch that it had more than 10 million subscribers. Unlike Disney, the Quibi brand is new and relatively unknown, which means that it relies on advertising and celebrities in its shows to make a name for itself.

With so many potential clients for Quibi working from home as home orders sweep across the United States, Whitman said the company is accelerating its plans to allow the app to broadcast on TVs. While the feature was not slated to be part of the launch, Whitman said it was still in the cards for later.

Quibi sold its advertising catalog for the first year, said Whitman, dispelling the anxiety that other companies might feel about the advertising prospects in the midst of an economic downturn.

After a 90-day trial, users who want to stay with Quibi can pay $ 4.99 per month for the ad-supported version or $ 7.99 per month for no ads. Even with the tightening of portfolios, Whitman said she believes there is a unique place for Quibi alongside the television streaming subscriptions consumers already own.

“These are three different use cases,” she said, referring to TV streaming services, music services and Quibi.

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