The service will offer a two-tiered structure: US$4.99 (€4.45) a month with ads and US$7.99 (€7.13) a month without.
The mobile-oriented platform will focus on videos that are between seven and ten minutes in length, Katzenberg said.
The founders also said that they plan for Quibi to put out 125 pieces of content a week, varying between short films and TV shows.This translates to roughly 7,000 pieces in the first year.
The ambitious project has serious money backing it. The company has raised US$2 billion to create its original content, and has signed up hollywood heavyweights Guillermo del Toro, Sam Raimi and Steven Spielberg to create shows.
The involvement of Spielberg comes as something of a surprise. The ET director was heavily featured during the press conference announcing Apple TV+, with his production company, Amblin Entertainment, creating an anthology series for the service.
However, with the director attached by name to Spielberg’s After Dark, it would suggest that he is more attached to the short-form service than he is to Apple.