Major Studios Betting Big on Short Mobile TV Shows
Are people interested in short-form mobile TV shows with the production value of traditional TV? Investors think so.
Nearly every major Hollywood studio has taken a $1B bet on NewTV (a placeholder for a real name coming soon), co-founded by Jeffrey Katzenberg.
NewTV plans to launch by the end of next year creating series with episodes of just 10 minutes in length. They will have both ad-supported and ad-free options.
Unlike other bets to make short-form content, they expect the shows to have the same production value as shows on traditional television.
The company is being lead by Silicon Valley vet, the former CEO of HP and eBay, Meg Whitman who is the next-generation TV company’s Chief Executive Officer.
The $1B in investment was lead by Madrone Capital with major support from media companies like Disney, 21st Century Fox, NBCUniversal, Sony Pictures Entertainment, Viacom, WarnerMedia, Lionsgate, and MGM, as well as the tech giant Alibaba.
The company believes that by developing content that is meant for mobile will give them a leg up on companies like Netflix and Hulu. The company expects to partner with telcos to help distribute the content.