We are shutting down!
32 days after losing $100m launching our business.
How does that sound for a speech announcing a shutdown? I'm still wondering how they would
have reported it.
So, here's what happened.
CNN+ the news streaming platform owned by CNN was launched on March 29, 2022. Now, they
have decided to end the streaming service on April 30 (yes, just 32 days after).
Well, they have more to worry about than just a speech.
The project cost around $100m to launch. Oops!
I can't say what went wrong;
• Lack of proper planning and strategizing?
• Viewer counts lower than expected?
• Couldn't convince enough people to pay their subscription fee of $5.99 monthly? (I read this
was the reason).
Whatever it was, one thing is important;
MARKET RESEARCH.
Knowing your audience and having a good idea of who you want to target will save you.
It's going to be bad for a business to put so much into a launch only to shut it down shortly
afterwards.
This is not to say you shouldn't get started with the process of putting your products out there,
but I'd never advise throwing $100m "down the drain" for a project you wouldn't be so
confident about.
In the end, they say "high-risk, high-reward". Are you willing to take that sort of risk?