Quibi, the streaming service launched by former HP CEO Meg Whitman and Hollywood producer Jeffrey Katzenberg, this week said it had sold out its entire advertising inventory.
The platform, which will feature shows starring Justin Timberlake, Jennifer Lopez, Tyra Banks and Anna Kendrick, among many others, is set to launch in April 2020. It has an ad inventory of $150 million, which has already been snapped up by big brands including T-Mobile, Discover, and Taco Bell.
“We are seeing a tremendous response from advertising partners who recognize the value of Quibi’s premium, brand-safe, mobile platform that is focused on the highly-coveted millennial audience,” Whitman said. “The world-class brands that are partnering with us in advance of our launch is remarkable, and it speaks to the opportunity in front of us.”
Quibi will be a mobile-only platform. Shows are going to be restricted to 10 minutes.
Subscriptions cost $4.99 per month for ad-supported and $7.99 for ad-free viewing.
T-Mobile, one of its ad partners, last week announced a deal with Quibi which allows the company to distribute Quibi content to its mobile customers. This could guarantee huge viewership for Quibi shows given that T-Mobile has some 83 million customers in the US.
The streaming platform attracted major funding from leading production studios including Sony Pictures, The Walt Disney Company, and Tim Warner.