The Future Fund of the Australian Government invested $50 million in Failed Quibi.

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A really poor investment, Quibi looks a lot like it.

It seemed as if it had a chance when the much-hyped streaming service was launched earlier this year.

It had a lot to do with it: more than $2.4 billion spent by big-name corporations, high-profile creators’ exclusive content, and a global population unexpectedly confined to their homes.

Quick forward six months: it will close up shop with the critically panned service revealed. The service struggled to find a substantial audience while burning through a lot of its cash, despite a three-month trial and 9.6 million downloads.

Quibi’s lack of success has been attributed to several reasons: a lack of captivating content, an emphasis on mobile viewing (both in app design and output limits) when everyone was stuck at home, unable to share content through social media, and, to name only a few, a crowded streaming market.

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