March 8, 2011
YouTube Buys Next New Networks
YouTube announced on Tuesday that it has purchased Internet television company Next New Networks to improve content for its video-sharing site.
The New York-based startup launched four years ago and is home to popular networks like "Barely Political" and "Indy Mogul," which it billed as the "filmmaking network for the YouTube generation."
According to Tom Pickett, director of a newly created YouTube Next team, Next New Networks built a highly effective Web programming platform that has served up over 2 billion videos and attracted six million subscribers.
"Next New Networks will be a laboratory for experimentation and innovation with the team working in a hands-on way with a wide variety of content partners and emerging talent to help them succeed on YouTube," Pickett said.
"At YouTube, we're focused on building a great technology platform for creators, and so we leave the actual creation of great videos to the people who do it best: our partners."
Google-owned YouTube has been working to expand its video offerings with more original content as online video services like Hulu and Netflix become increasingly popular.
Industry tracker eMarketer said that online video and spending in the U.S. this year will jump to about $2 billion from an estimated $1.42 billion in 2010.
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