Quick question: what is Quibi?

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Quibi doesn't launch until next year, but the short-form streaming services designed for mobile devices keeps popping up in headlines because big-name filmmaking talent--from Guillermo del Toro to Steven Spielberg--keep signing up for Quibi projects. The service will cost $5-$8 a month, and will deliver content in under 10-minute pieces. Is there really a demand for this kind of short-form content that can only be watched on a phone? Co-founder Jeffrey Katzenberg hopes so.