Exact benchmarks are going to vary per product, but yeah it's bad.

For free trials where you don't provide billing info in advance (e.g. a lot of software 30-day trials) 8% would be a great rate. Because the default do-nothing action is nothing.

But for subscription services where you do provide billing info in advance, 8% retention is pretty terrible. If 92% of people are taking the effort to cancel, when the default is to let the subscription charge... it's definitely not great.

(I'm assuming Quibi required billing info in advance, like pretty much every other subscription content service does.)