WHILE QUIBI FAILED, WILL SHORT-FORM STREAMING THRIVE ELSEWHERE?
BY QIANYUE WENG
Quibi came out with guns blazing. From purchasing a Super Bowl spot to getting a Chrissy Teigen reality show, the short-form video content streaming service heavily targeted millennials who would be willing to watch shows on their phones instead of big screens. However, the finale of the app came only six months after its launch. The company blamed its demise on the unexpected pandemic. So would it have thrived in a parallel universe?
In theory, many of the elements of Quibi are backed up by reality. More and more time is spent on mobile phones instead of TVs or computers. With shorter attention spans, audiences seek quick bites of content under 10 minutes on the go. And videos are the most popular form of entertainment. But when put together, Quibi was unable to find its footing amid fierce competition in the U.S. streaming market. YouTube provides short videos for free. TikTok kills small fragments of time. Users already pay Hulu, Netflix, or Amazon Prime for abundant choices of movies, reality shows, and documentaries. It is safe to say that nobody in America is currently experiencing a shortage of video content.
Nonetheless, short-formed video streaming is growing steadily across the ocean in an even bigger market. For a few years, Chinese grassroots content creators have found success on local video-sharing apps by acting in minute-long clips. The growing number of followers has now motivated the streaming platforms, such as Kuaishou, iQiyi, to take on these projects.
One of the more popular business models for short-formed streaming is converting online literature into shows. These novels published by chapters on websites have gained popularity since the early 2000s in China. Streaming platforms can cherry-pick the top fictions that indicate future success. Not only is a well-received plot already laid out, but also will readers likely turn into viewers. What makes the golden goose even more lucrative is the low production costs. The quality of these shows has not gone far from that of the influencer era. The standards for costume, make-up, and set are significantly lower since the audience is primarily seeking the thrill of the storyline for the duration of a couple of minutes.
While we would never know if the story of Quibi would have turned out differently in a parallel universe without a deadly virus, for millions of content-starved people in this world, short-formed series are making them feel alive.
According to the Annual Report on Development of Netcasting Industry in China published in October 2020, short-formed streaming in China attracts 818 million users, becoming the second most frequently used function of the internet after instant messaging. The market is worth 130 billion Chinese yuan, an equivalent of approximately $20 billion. The report also points out the trend of booming demographics in rural areas and small towns, where the most frequent users reside. What Cannes or Hollywood considers award-worthy holds little value to this group, the majority of which does not have a post-secondary education. The Chinese short-formed TV series, on the other hand, caters much more relevant content of popular online fiction.
More recently, the ministry manages and supervises all television and radio programs, National Radio and Television Administration (NRTA), has listed “Online Micro TV Series” as an option under “Type of Programs” on its online filing system. The website specifies that each episode must not exceed 10 minutes in length to qualify. The official recognition is both good and bad news: from now on, the content of short-formed series is subject to the same censorship faced by all other programs.
The Chinese entertainment industry, television and film, in particular, has been struggling over a number of years. All content has to pass an official review before airing, following the strict guidelines to exclude any content considered controversial, anti-government, violent, or politically incorrect, among many other elements. The NRTA continuously announces arbitrary bans that poison the soil for organic growth of creativity. In the meantime, the market of 1.4 billion viewers is shifting attention to other formats of entertainment, such as celebrity game shows, live streaming, and now, short-formed videos.
While we would never know if the story of Quibi would have turned out differently in a parallel universe without a deadly virus, for millions of content-starved people in this world, short-formed series are making them feel alive.
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Qianyue Weng is currently pursuing an M.A. degree in Public Relations and Advertising at USC.
The views and opinions expressed here are those of the author and do not necessarily reflect the official policy or position of the Pacific Council.
Bibliography
Adalian, J. (2020, April 6). Quibi Is Finally Here. Wait, What’s Quibi? Vulture. https://www.vulture.com/article/what-is-quibi-explained.html
China Netcasting Services Association. (2020, October 12). Annual Report on Development of Netcasting Industry in China. NIS Data. https://www.nisdata.com/report/1447
