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Quibi Advertisers Seek to Defer Payments Due to Slow Subscriber Growth (Report)

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. A rep for Quibi did not immediately respond to TheWrap’s request for comment, but head of advertising partnerships Nicole McCormack told the Journal, “We deeply value the commitments our advertising partners have made and are working in close partnership with them to learn and help them be successful on the platform.” Also Read: What Quibi Gets Wrong - and Right - About Small-Screen Streaming Quibi’s critics have been more vocal in recent weeks, after founder Jeffrey Katzenberg told The New York Times “everything” about the app’s underwhelming launch stems from the...

Read original story Quibi Advertisers Seek to Defer Payments Due to Slow Subscriber Growth (Report) At TheWrap