It's the end of the line for Quibi.
According to a stunning report in the Wall Street Journal, the streamer is shutting its doors for good.
The future seemed to be bright for Quibi the moment it was announced, with the service raising almost $2 billion in funding and a goal to to change the way people consume content.
But it seemed that people did not want to watch content on their mobile devices.
The app was initially exclusive to mobile, with viewers being able to watch new mini-episodes every day, which ultimately comprised chapters of a movie.
The service faced an uphill battle by not being available on devices other than mobiles, but it seemed the company went back on that decision when it was announced earlier this week that it was joining Android TV devices, as well as Apple TV devices.
It seems the move to those devices is too little, too late, now that a town hall with employees has been set for this afternoon to confirm the fire fate of the service.
Deadline notes, however, that the content the streamer has on deck could be sold to a buyer. Some of the content was buzzy, and there's a good chance a lot of work will go to waste if it does not find another outlet.
That being said, the service is not expected to disappear overnight, with users set to learn about the plan to gradually shut things down over the coming days.
The service failed to keep subscribers engaged in the content, and we doubt the COVID-19 pandemic helped matters.
Around 200 employees stand to lose their job if the reports are true and the company does say goodbye.
The streaming market, in general, has become more competitive in the last 12 months, with the launches of Apple TV+, Disney+, HBO Max, and Peacock.
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Paul Dailly is the Associate Editor for TV Fanatic. Follow him on Twitter.