Quibi keeps less than 10% of subscribers after free trial: Report

About 72,000 out of 910,000 people who subscribed for the free trial kept subscriptions

New short-form video app Quibi reportedly kept less than 10 percent of subscribers after offering a free 90-day trial, tech magazine The Verge reported, citing mobile analytics firm Sensor Tower.

Continue Reading Below

About 910,000 people subscribed to Quibi to take part in the platform's free 90-day trial offered in April, but only about 72,000 users kept their subscriptions after their trials ended, Sensor Tower found. A Quibi spokesperson told FOX Business that the numbers are "grossly inaccurate."

WHAT IS QUIBI?

"The number of paid subscribers is incorrect by an order of magnitude. To date, over 5.6 million people have downloaded the Quibi app," the spokesperson said.

Quibi is "seeing excellent conversion to paid subscribers" among both its 90-day free trial sign-ups in April and its 14-day free trial sign-ups in May and June, and Sensor Tower does not have access to the app's correct user numbers, the spokesperson added.

Subscription service analytics website Antenna found that Quibi retained 27 percent of subscribers who signed onto the streaming platform's 90-day free trial, including those who signed up on the first day of its launch in April.

QUIBI STAFFERS FACING LAYOFFS, PAY CUTS FUMING OVER STARS MAKING MILLIONS: REPORT

By comparison, Disney+, the latest streaming-service success, managed to keep 11 percent of the 9.5 million people who signed up for free trials in the first three days of its release, Sensor Tower data shows, according to The Verge. The platform marked more than 50 million total paid subscribers in April since it launched in November.

DISNEY+ DOWNLOADS INCREASE 72% DURING HAMILTON DEBUT: REPORT

In the U.S., a Quibi subscription with advertisements costs $4.99 a month, and an ad-free subscription costs $7.99 a month, according to its website.

Quibi offers and innovative short-form video service that presents users with videos that range from six-to-ten minutes in length.

"From daily essentials to breakout shows," its website states. "Six to 10 minutes is all you need to be entertained, informed and inspired."

GET FOX BUSINESS ON THE GO BY CLICKING HERE

The platform has yet to offer the kinds of recognizable and eye-catching titles that draw large numbers of people to other streaming services like Netflix, Disney+, Amazon Prime, HBO and Hulu due to the untraditional time limits on its shows and movies.

The service does, however, feature shows starring big Hollywood names including Sophie Turner, Jennifer Lopez and Chris Hemsworth, according to its website.

CLICK HERE TO READ MORE ON FOX BUSINESS

This story, originally published on July 9, has been updated to include data from subscription service analytics website Antenna about Quibi's customer retention rate