Why did Quibi fail?
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What Happened: What happened to Quibi?
It shut down about six months after launch despite huge funding. Quibi raised well over a billion dollars and closed in 2020. Source: Wikipedia – Quibi
Why: Why?
It charged for short videos people already got free on phones. It launched on mobile during lockdowns, when people were home, and competed with free short video. Source: Wikipedia – Quibi
The Lesson: The lesson?
Money can't buy product-market fit. Testing demand cheaply beats spending big on assumptions. Source: Wikipedia – Product-market fit