YouTube has confirmed the rumored acquisition of online video producer and platform Next New Networks. The price was undisclosed, but is rumored to be under $50 million. It's a great acquisition for YouTube, but it's also an odd one since Google and YouTube by extension has never wanted to get into content creation. Next New Networks, besides helping other distribute and manage videos, also has several in-house online series.
"We are extremely excited to announce the acquisition of Next New Networks," Tom Pickett, Director of Global Content Operations and YouTube Next,
announced.
"Since launching in March 2007, the Next New Networks team has built a highly effective platform for developing, packaging and building audiences around original web video programming, attracting over 2 billion views and 6 million subscribers across their partner networks of channels and shows," he added.
With the acquisition, YouTube is creating two new structures inside the company. YouTube Next will focus on helping others produce and distribute video on the site.
YouTube already has a Partners Program that recently started handing out grants to help producers. Next New Networks also has a great platform for helping video production teams. These efforts will be folded into YouTube Next.
"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," YouTube explained the fate of its acquisition's creative efforts.
What it essentially means is that Google plans to drive up efforts to help creators. YouTube needs reliable, serialized original content if it wants to further grow its audience and, more importantly, increase revenue.
YouTube is by far the largest video site online, but it still heavily relies on viral videos and one hit wonders. Music videos are a big source of traffic as well, but YouTube shows are starting to gain a wider notice as well.
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