Cellphone-focused video service Quibi planned for April

NEW YORK – There’s yet another new streaming service coming in the next year.

Quibi’s twist is that it’s focused on short videos for cellphones. Spokeswoman Gina Stikes confirmed Monday that Quibi will launch in April and cost $5 a month with ads and $8 a month without ads.

It’s run by big names – Jeffrey Katzenberg, the former Disney chairman and co-founder of DreamWorks Animation, and Meg Whitman, the former head of eBay and Hewlett-Packard – and it has attracted top Hollywood stars to make videos. It has raised $1 billion to pay for content and expects to raise $500 million for business purposes including marketing.

It would enter an increasingly crowded market of subscription streaming video services , including upcoming offerings from Disney , Apple and AT&T.