As part of a contract, the largest streaming media player in the US, Roku Inc., agreed to purchase the content rights from the defunct short-form streaming service, Quibi. The series was purchased by Roku for less than $100 million, according to sources with knowledge of the transaction. According to one insider, it was “much less” than $100 million. roku buys quibi content for million.
The Roku Channel, an application with more than 40,000 movies and TV series, will show Quibi’s content. Roku negotiates with programmers who want their content to be offered on Roku’s media device and sells advertising on the channel to keep it filled with new material. quibi 100m roku channelstreetjournal.
Beginning this year, Quibi’s content—more than 75 series and documentaries—will hold the only global distribution rights. The Wall Street Journal reported earlier this week that the two parties were in advanced negotiations. quibi 100m channelstreetjournal.
For the remaining two years of Quibi’s exclusive two-year window with content creators, the episodes will only be available on Roku. According to a spokeswoman, Roku will continue to have the exclusive right to broadcast the material until 2027. quibi 100m roku.
The newest agreement to add unique material to its service, which is mostly a collection of movies and TV series readily available elsewhere, is Quibi’s partnership with Roku. Roku may have more negotiating power with advertisers if Quibi’s shows are available on the Roku Channel. These marketers could be willing to pay extra to display their commercials alongside content viewers cannot get elsewhere.
The agreement marks the end of Quibi’s turbulent story, a streaming service that raised $1.75 billion before closing its doors just six months after debuting its app. One of the biggest busts to come out of Hollywood in a generation was the streaming service, which was established by movie tycoon Jeffrey Katzenberg and was run by former CEO Meg Whitman.