Raising $1.75 billion wasn’t enough to make Quibi a success. Nor was a massive spend on advertising.

The short-form video startup had a short six-month lifespan during which it spent at least $63 million on TV, web, and print ads, according to ad intelligence firm MediaRadar. While that’s a significant amount of money on marketing, it’s only good for fifth place in the streaming video category behind four other players: Amazon Prime, Disney+, Hulu, and Peacock.

So what did cause its ultimate failure?