In April 2020, Quibi launched with $1.75 billion in funding, Hollywood’s biggest names, and a library of premium content built by people who had run studios. Six months later it shut down, having burned roughly $1.4 billion and converted about 500,000 paying users. The product mostly worked. The content won Emmys. What Quibi never had was a commercial answer: who is this for, why now, why pay, and why stay.

The fastest-to-$100M record broke so many times this year it stopped being a record. Meanwhile the median AI-native company keeps just 40% of its revenue. Speed tells you the market noticed. Retention tells you it cared.