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If you’ve never heard of Quibi, the mobile short-form video platform started by former HP CEO Meg Whitman and Hollywood heavyweight Jeffrey Katzenberg, you’re likely not alone.
The service hasn’t even launched yet, and it’s not supposed to for another year. But Quibi, which is named after the phrase “quick bite” for the types of easily digestible video content it aims to produce, plans to raise an additional $1 billion, on top of the $1 billion it already has, to get its service properly funded to get off the ground, according to a report this The Information.
The eye-popping figure is, on the surface, a bit silly for a service that hasn’t launched yet and doesn’t sport a brand name that rolls off the tongue quite as nicely as Netflix…