redux

Quibi founder Jeffrey Katzenberg ultimately blamed the COVID-19 pandemic for the failure of his short-form video app, but maybe it was just too soon. In the first quarter of 2024, 66 short drama apps like ReelShort and DramaBox pulled in record revenue of $146 million in global consumer spending. In March 2024 alone, consumers spent $65 million on short drama apps, a 10,500% increase from the $619,000 spent in March 2023. In Q1 2024, short drama apps were installed nearly 37 million times, up 992% from 3.4 million in Q1 2023. Short drama apps claimed a 6.7% share of the total across all three categories combined, up from 0.15% a year ago.