Why Did Quibi Fail?

Quibi, the $2-billion streaming service, has died.
The company was founded by Disney (DIS) and DreamWorks alumnus Jeffrey Katzenberg and former Hewlett Packard and eBay CEO Meg Whitman.
The business model was centered around people watching 7 to 10 minute episodes of original programs on their phones.
The entire service was built around people watching small bites of entertainment while out and about on their phones.
Quibi was not available for TV or Roku - just phones.
But, when the global pandemic hit, people stayed at home and watched streamers on their TVs.
Why did the company fail?
"Because the idea itself wasn't strong enough to justify a standalone streaming service or because of our timing."