Jeffrey Katzenberg's streaming service Quibi books $100M in ad sales ahead of launch

Quibi, the short-form video platform founded by Jeffrey Katzenberg, hasn't even launched, but has already booked $100 million in advertising sales, according to a report from The WSJ this morning. The company, which aims to cater to younger viewers with premium content chopped up into "quick bites," says it has already booked advertisers, including Protector & Gamble, Pepsi Co., Anheuser-Busch InBev, Walmart, Progressive and Google. It's hard to imagine how a service like Quibi will compete in a market dominated by paid streamers like Netflix and free services like YouTube -- both preferred by a younger demographic.