After the free trials expired, reports claim that Quibi has lost 90 per cent of its early users and more are abandoning the platform. Here are the details of Quibi’s misfortune in this article.
According to an article on The Verge, not more than 8 per cent of Quibi’s users eventually turn into paying subscribers. The short-form video platform has not managed to perfect the art of converting free users to paying users.
As of April 2020, shortly after its launch, Quibi had touted having about 910,000+ users. The surge had been narrowed down to the social distancing rules that kept people at home. However, it is also likely because Quibi gave a 90-day free trial for people who signed up in April.
The trial period has now elapsed and the company has struggled to convert the free early users to paying customers. However, while the large fraction is glaring not a good look, it is actually very common.
Many people who sign-up for apps during a free trial period rarely stick around when it expires. Yet, Quibi has not released an official figure for how many paying subscribers it really has. However, the company’s spokesperson said in a statement:
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“To date, over 5.6 million people have downloaded the Quibi app. Our conversion from download to trial is above mobile app benchmarks, and we are seeing excellent conversion to paid subscribers — both among our 90-day free trial sign-ups from April, as well as our 14-day free trial sign-ups from May and June.”
Of course, there is a likelihood that the larger the number of people who download an app during a free-trial period; the bigger the possibility of turning more into paying subscribers.
However, there are many inconsistencies between statistics that the company releases and those from Sensor Tower. For example, Sensor Tower, which is a reliable data intelligence company had said that Quibi had 2.9 million users in May. Meanwhile, Quibi claimed that it had 3.5 million users in the same period.
Additionally, by June, Quibi was not in the top 1,000 apps on Sensor Tower’s rankings. This, after it had been the most downloaded just two days after its launch in April. Expects also project that the Quibi platform will have two million subscribers in its first year; a lot less than the 7.4 million it had planned on getting. To become a competitor in the video platform, Quibi must do better than it is doing at this time.
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