A mobile-only platform, combined with the uncertainty surrounding the global pandemic, led to Quibi's quick demise.

After just six months in business, short-form streaming service app Quibi announced on Wednesday that it would shut down. It entered an already crowded field, competing with Netflix, Hulu, Disney+ and Amazon Prime Video (among many others) for a user base focused on mobile subscribers.

“Quibi was a big idea, and no one wanted to make it a success more than we did. Our failure wasn’t for lack of trying; we considered and exhausted every option available to us,” founder Jeffrey Katzenberg and CEO Meg Whitman wrote in an official announcement.

Quibi entered the streaming market in April, promising to differentiate itself with “a new form of mobile-first premium storytelling.” The app raised $1.75 billion in funding and signed celebrities to star in some of its “quick bites,” including Steven Spielberg, LeBron James and Chrissy Teigen.