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Report: Quibi advertisers seek revised contracts amid platform’s slow start

Getty ImagesA host of blue-chip advertisers are attempting to renegotiate their deals with the short form streaming platform Quibi as a result of a slow uptick of subscribers, according to a report by the Wall Street Journal (WSJ). With marketing budgets being tightened as a result of the coronavirus pandemic, brands such as PepsiCo, Taco Bell, AB InBev, and Walmart are all reportedly seeking to defer payments or adjust their billing schedules. Some, according to the WSJ, are also concerned by the subscription platform’s viewership figures. Digital sponsorship ‘most undervalued’ sector in sports marketing, says Two Circles CEOOffering popular content such as LeBron James’ docuseries, I Promise, Quibi secured 1. 7 million downloads of its app in its first week of operation back in April, a mark exceeding the company’s expectations, chief executive Meg Whitman said at the time. According to the WSJ report, the terms of Quibi’s contracts guarantee a minimum level of advertising viewership.

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