Mobile-first short-form premium video company Quibi has finished selling to meet its first-year goal of $150 million in advertising inventory.
Quibi’s $150 million first-year advertising goal was met in advance of the launch.
In June, Quibi said it sold $100 million -- two-thirds of Quibi's goal of $150 million in first-year ad inventory.
The platform is set to launch April 2020. The remainder -- $50 million -- was sold over the last four months.
Quibi executives disclosed news of these recent deals at an industry event in Laguna Beach, California on Tuesday.
Ten advertisers have now signed on: Discover, General Mills, T-Mobile, Taco Bell, and previously announced marketers Procter & Gamble, PepsiCo, ABInBev, Walmart, Progressive, and Google.
Launch advertisers have one year of category exclusivity.
Quibi has raised $1 billion in funding for the service, with plans to raise another $500 million to a total of $600 million. Movie/TV studio backers include Walt Disney, 21st Century Fox, NBCUniversal, Sony Pictures Entertainment, Viacom, AT&T’s WarnerMedia, Lionsgate, MGM, ITV and Entertainment One.
Other investors include Big Chinese ecommerce platform, Alibaba Group; venture-capitalist firm Madrone Capital Partners, Goldman Sachs, JPMorgan Chase & Co. and John Malone’s Liberty Global.
Quibi was founded by longtime movie/TV executive Jeffrey Katzenberg and senior technology executive Meg Whitman.
At launch, it will have two subscription tiers — $7.99 a month without ads and $4.99 a month with ads. Initial advertising units are pre-roll units: six-, 10- or 15 seconds long.
Quibi intends to offer short-form TV and other entertainment content series, with approximately 12 minute-long and to 15-minute-long episodes.