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Quibi ‘needs to find $1.8 billion by 2024 to stay alive’

More bad news for the beleaguered mobile-first streaming service.

Quibi, the mobile-first streaming platform, needs to $1.8 billion by 2024 to keep the platform alive according to a report by Bloomberg.

The platform, which launched in April, has raised $1.8 billion at launch. But to keep going it needs raise the same amount by 2024, and at the current trajectory will come up about $6 billion short by 2030.

“By compiling Quibi’s reported and public statements about content spending, advertising, subscribers and more, a picture emerges of a company headed for financial distress after a tough first year,” the Bloomberg report said.

Quibi’s reliance on original content is one factor that makes its operational costs significant. And as has been widely reported, the company works with top-level producers, paying ta high price for shows produced in dual production workflows (one for landscape, one for profile).

The platform also has the generous producer clause that gives ownership of shows back to makers after seven years.

Last month it was reported Quibi is looking to be acquired or conduct an initial public offering in order to raise funds.