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Today's news: Quibi shuts down six months after launching, how Procter & Gamble's ads tackle gender and social inequality, and Vice Media's Nancy Dubuc warns publishers of Google and Facebook's efforts to fund news.
The streaming service was founded by former DreamWorks cofounder Jeffrey Katzenberg, and raised $1.75 billion from investors like Walmart, PepsiCo, and Anheuser-Busch ahead of its launch in April. But it failed to attract viewers, and none of its shows have become major hits.
The Journal reported last month that Quibi was exploring multiple options, including a possible sale. Founder Jeffrey Katzenberg, the cofounder of DreamWorks, had recently told people he may have to shut down the company, The Information reported on Tuesday.
Pritchard said the idea of these ads was to inspire people to take action on social issues. P&G established a fund called "Take on Race" to advance racial equality and equity and partnered with Keith Cartwright, Justine Armour, and John Patroulis to create "The Choice," which encouraged white Americans to be allies to minorities.
He also said P&G also has increased its spending on and non-traditional channels like programmatic media and over-the-top streaming video while cutting overhead, media, agency and production costs.
Speaking at Business Insider's Global Trends Festival on Tuesday, Dubuc argued that the $1 billion Google pledged is not significant for the media industry and that it's unclear what criteria the tech company is using to feature publishers.
She also spoke about how she's diversifying Vice Media's revenue beyond advertising, preparing the company to weather the advertising hit from the pandemic.
