The new streaming service from former Walt Disney Studios Chairman Jeffrey Katzenberg, expected to launch April 6, 2020, has sold $100 million worth of ads to six premium partners, according to The Hollywood Reporter.
The partners in Quibi, which was announced late last year, include Google and Walmart, along with P&G, ABInBev, Progressive and PepsiCo, THR notes.
“Speaking at advertising festival Cannes Lions on Wednesday, Katzenberg said the platform will have eight major partners on board before launch,” THR reports. “He said around $100 million in ad sales have been booked so far, roughly two-thirds of the $150 million ad inventory it will have at its debut.”
THR adds: “The streaming platform is being built in partnership with the brands, and brands will be able to create serialized commercials that stream in succession, much like serialized shows. The service will be offered at two price points, an ad-inclusive subscription for $4.99 a month with commercials, and an ad-free subscription for $7.99 a month.”
The mobile-first episodic show streamer is targeting the 25- to 35-year-old demo, the report notes.