The video screen of the Nasdaq exchange in New York displays advertising for the first day of sale of the Roku initial public offering on Thursday, September 28, 2017. (Photo by Richard B. Levine)
WASHINGTON (AP) – Roku is buying short-lived streaming service Quibi’s content library to bolster content for its free Roku Channel. Financial terms were undisclosed.
Roku built its business as a hub for other streaming services, but recently has been building up the content library for its own channel. Quibi, short for “quick bites,” raised $1.75 billion from investors including major Hollywood players Disney, NBCUniversal and Viacom. But the service struggled to reach viewers, as short videos abound on the internet and the coronavirus pandemic kept many people at home.
It announced it was shutting down in October, just months after its April launch.