Quibi Advertisers Seek to Defer Payments Due to Slow Subscriber Growth (Report)
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New streaming app’s underwhelming start has led ad partners to ask for new arrangements, per the Wall Street Journal
Quibi’s early struggles have led major advertisers to seek revised billing schedules or deferred payments, insiders told the Wall Street Journal in a report published Tuesday.
Top advertisers, including Taco Bell, Pepsi Co. and Walmart, are pushing for updated arrangements, according to the Journal, as Quibi’s partners worry the new streaming service isn’t resonating with enough subscribers. After launching in early April, Quibi had 3.2 million downloads by mid-May, according to data provided by Sensor Tower; by the end of last week, the service was up to 4.2 million downloads, the Journal wrote. Quibi is the 99th most popular free app on Apple’s App Store as of Tuesday afternoon.