"Snackable" short-form content is getting a long-form infusion. WndrCo, led by former DreamWorks chief Jeffrey Katzenberg and former eBay (EBAY) and Hewlett-Packard Enterprise (HPE) head Meg Whitman, announced Tuesday the closing of a $1 billion initial funding round for its tentatively titled "NewTV" startup.
XKatzenberg's NewTV aims to "create the first entertainment platform built for easy, on-the-go mobile viewing, allowing today's leading studios and creative talent to tell original stories in an entirely new way."
WndrCo says "all of the major Hollywood studios" have invested, including Walt Disney (DIS), 21st Century Fox (FOXA), Comcast (CMCSA)-unit NBCUniversal, as well as Alibaba (BABA).
The NewTV service reportedly will launch in late 2019. It will feature 10-minute originals via an ad-free subscription option or an ad-light version, according to Variety, citing Whitman.
But is there an appetite for highly produced short-form subscription content? Verizon (VZ) just shuttered its mobile go90 platform, which similarly offered short-form original programming.
Major studios and streaming platforms are pouring big money into their content. Netflix (NFLX) planned to spend around $8 billion on content alone this year. Disney's new streaming service is shelling out $20 million to $60 million on each movie. Disney, which reports earnings late Tuesday, is acquiring 21st Century Fox's entertainment assets.
Katzenberg told The Hollywood Reporter that "the billion-dollar number is more than enough capital to get us to launch and then a comfortable beyond."
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The post Katzenberg's 'NewTV' Short-Form TV Startup Gets $1 Billion Infusion appeared first on Investor's Business Daily.
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